GBP/USD briefly dropped below the 1.20 level earlier this week. Economists at Rabobank expect the pair to see further dips below 1.20 in the coming months.EUR/GBP seen at 0.90 around the middle of the year .“We expect to see further dips below GBP/USD 1.20 in the coming months.”
“While EUR/GBP has dropped back from its recent highs, it remains in an ascending channel, and we retain our forecast for a move to 0.90 around the middle of the year.”
“On March 15, Chancellor Hunt is due to present his spring budget. Hunt has provided reassurances to the market that he will not be pulling any rabbits from the hat next month, given the need to reduce inflation. This may avoid any crisis for the gilt market, but it suggests the potential for little change in the prevailing economic gloom. This is likely to leave GBP on the back foot.”
EUR/USD tries to stabilize near 1.0700 after US data
EUR/USD continues to trade in negative territory at around 1.0700 in the second half of the day on Friday. The data from the US showed an improvement in consumer confidence in early February alongside a slight increase in one-year inflation expectation, helping the USD hold its ground.
EUR/USD News
GBP/USD fluctuates near 1.2100, looks to post small weekly gains
GBP/USD has lost its bullish momentum and turned negative on the day near 1.2100 with the upbeat US Consumer Confidence data supporting the US Dollar. Despite Friday’s uninspiring action, the pair remains on track to end the week marginally higher.
GBP/USD News
Gold price clings to small daily gains near $1,860
Although Gold price is struggling to gather recovery momentum, it stays afloat slightly above $1,860 heading into the weekend. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 3.7%, not allowing XAU/USD to gain traction.
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