GBP/USD stays under constant bearish pressure on Monday.The greenback preserves its strength despite disappointing data.
GBP/USD started the week under bearish pressure and dropped to a weekly low of 1.2051 in the European session. Although the pair staged a rebound toward 1.2100, it failed to reclaim that level. As of writing, the pair was down 0.3% on the day at 1.2090.
Dollar capitalizes on safe-haven flows
The negative shift witnessed in risk sentiment on Monday provides a boost to the safe-haven greenback. Disappointing macroeconomic data releases from China alongside the escalating geopolitical tensions don’t allow risk-sensitive assets to find demand.
Meanwhile, the data from the US showed on Monday that the NY Fed Empire State Manufacturing Index slumped to -31.3 in August from 11.1 in July. The dollar lost some strength as this print missed analysts’ forecast of 8.5 by a wide margin but the US Dollar Index managed to hold above 106.00.
Later in the session, the NAHB Housing Market Index data from the US will be looked upon for fresh impetus. Meanwhile, Wall Street’s main indexes remain on track to open deep in negative territory with US stock index futures losing between 0.45% and 0.7% on the day.
On Tuesday, the UK’s Office for National Statistics will release the July jobs report. Investors expect the ILO Unemployment Rate to remain steady at 3.8% in the three-month period ending in July.
Reuters reported that 30 of 51 economists that took part in a recently conducted survey saw the Bank of England raising its policy rate by 50 basis points in September but this report failed to help the sterling find demand.
AUD/USD stays pressured towards 0.7000 ahead of RBA Minutes
AUD/USD holds lower ground near 0.7120 as bears take a breather after the biggest daily fall in a fortnight. AUD/USD licks its wounds after falling the most in two weeks. Fears of recession joins cautious mood ahead of Fed/RBA Minutes to exert downside pressure on the pair.
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EUR/USD: Sellers keep control below 1.0200 support-turned-resistance
EUR/USD remains pressured around 1.0160 during the initial Asian session on Tuesday, after breaking the 1.0200 key support the previous day. The EUR/USD pair becomes vulnerable to visiting the one-month-old horizontal support around 1.0100.
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Gold bears eye $1,750 on rising wedge confirmation, firmer USD
Gold price keeps the previous day’s downside break of the fortnight-old rising wedge while flashing $1,780 as a quote during the early Asian session on Tuesday. The yellow metal’s latest losses could be linked to the US dollar’s sustained rebound.
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