A modest reprieve in the Pound after yesterday’s shocking PMI release with Cable once again reclaiming the 1.25 handle amid a helping hand from cross-selling in EUR/GBP. Get your market update from JMcQueenFX here:
. However, GBP is not out of the woods yet, downside risks will remain for the currency. The Sue Gray party-gate report is expected to be released today, which will once again increase political uncertainty. Meanwhile, there is some good news after reports suggest that the UK Chancellor is planning to announce a mini-budget in the face of the cost of living squeeze. In turn, the details will be closely watched in order to gauge whether this can keep GBP supported.
My view remains that the Pound will continue to struggle, particularly on the basis that money markets are still far too aggressive on the interest rate outlook for the Bank of England. Thus, GBP is vulnerable to further dovish repricing. Looking ahead, Bank of England External Member, Tenreyro, is scheduled to speak, which will be notable for the Pound, given that Tenreyro has typically leaned on the dovish spectrum of the MPC.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shocking UK PMI Sends the Pound Spiraling: EUR/GBP, GBP/JPY and GBP/USDUK private sector firms signalled a sharp slowdown in business activity growth during May as escalating inflationary pressures and heightened geopolitical uncertainty acted as constraints on customer demand. Get your market update from RichardSnowFX here:
Read more »
Shocking UK PMI Sends the Pound Spiraling: EUR/GBP, GBP/JPY and GBP/USDUK private sector firms signalled a sharp slowdown in business activity growth during May as escalating inflationary pressures and heightened geopolitical uncertainty acted as constraints on customer demand. Get your market update from RichardSnowFX here:
Read more »
GBP/USD rallies and approaches the 1.2600 mark in a risk-on mood, weaker greenbackGBP/USD rallies and approaches the 1.2600 mark in a risk-on mood, weaker greenback By christianborjon GBPUSD Majors Macroeconomics Technical Analysis
Read more »
Cable (GBP/USD) Price Outlook: Levels to Watch for Continued Dollar WeaknessTomorrow UK PMI data will shed some light on the state of the UK economy as stagflation concerns continue. Get your market update from RichardSnowFX here:
Read more »
GBP/USD Price Analysis: Bulls pushing against a key level of resistance, 1.2650 eyedThe price is making it's way higher within the correction of the weekly chart's bearish impulse. Having already mitigated some of the price imbalance
Read more »