GBP/USD struggles at 1.2400 and stumbles toward 1.2360 on US data, dismal UK retail sales.

GBP/USD trims some of Wednesday’s gains after treading above 1.2400, United States economic data bolstered the US Dollar, a headwind for the Pound Sterling.Retail Sales in the UK were dismal while Brexit negotiations improved, according to McGrath, Irish PM. GBP/USD dipped as the release of US economic data bolstered the US Dollar (USD), which isContinue reading “GBP/USD struggles at 1.2400 and stumbles toward 1.2360 on US data, dismal UK retail sales.”

Gold Price Forecast: XAU/USD drops beneath $1930 on better-than-expected US PMI.

Gold price tumbled 0.50% on Tuesday after the release of US PMI data.US S&P Global PMIs remained in contractionary territory but appeared to bottom out.The US Federal Reserve is expected to raise rates by 25 bps, as CME FedWatch Tool shows. Gold Price Analysis: On a pullback before resuming its uptrend. Gold price struggles toContinue reading “Gold Price Forecast: XAU/USD drops beneath $1930 on better-than-expected US PMI.”

GBP/USD dwindles and falls to 1.2320s on US data, weak UK’s PMI

GBP/USD reached its daily low after the release of US S&P Global PMIs. Business activity in the UK reignited recession fears and weakened the GBP.The market expects the Bank of England to hike rates by 50 bps on February 2 – RTRS Poll. GBP/USD surrenders 1.2400 and drops towards the 1.2310 regions amid a mixedContinue reading “GBP/USD dwindles and falls to 1.2320s on US data, weak UK’s PMI”

GBP underperformance unlikely to persist.

The recent GBP underperformance is largely due to a less hawkish BoE and sluggish domestic activity data but its underperformance is unlikely to continue in the light of a rebound in global risk sentiment and improving domestic dynamics, economists at HSBC report. GBP to benefit from the UK’s improving external balance “With inflation in theContinue reading “GBP underperformance unlikely to persist.”