GBP/USD’s bullish trend extends. Economists at Scotiabank expect the pair to remain well supported ahead of the weekend.
Weekly settings are turning mildly bullish
“The uptrend in the GBP/USD pair is well-established and enjoys the backing of solid trend momentum signals on the intraday and daily chart; weekly settings are turning mildly bullish as well.”
“The GBP retains a moderately firmer undertone into the end of the week; a push on to a 1.23 handle will underpin the positive tone ahead of the weekend.”
EUR/USD retreats below 1.0550 amid renewed US Dollar strength
EUR/USD has lost its traction and declined below 1.0550 in the early American session. The data from the US showed that the annual Core PPI was higher than expected in November, helping the US Dollar stage a rebound and weighing on the pair.
GBP/USD stays in positive territory above 1.2250 after US data
GBP/USD dropped toward 1.2200 with the initial reaction to stronger-than-expected Core PPI data for November but managed to stage a rebound. As focus shifts to UoM Consumer Sentiment Survey from the US, the pair stays in positive territory slightly above 1.2250.
Gold struggles to hold above $1,800
After having climbed to a fresh daily high of $1,804, Gold price erased some of its daily gains and declined below $1,800 in the early American session. With the benchmark 10-year US Treasury bond yield holding above 3.5% after PPI data, XAU/USD struggles to gather bullish momentum.