The GBP/USD pair recovers some recent losses and holds above the 1.2600 mark during the early European session on Monday. The major pair currently tra
Markets remain subdued due to the Labor Day holiday in the US after a busy week of economic data released. The US Bureau of Labor Statistics revealed on Friday that the US for August came in at 187K, beating the expectations of 170K and 157K in the previous reading. The Unemployment Rate dropped significantly to 3.8%, compared to the market consensus of 3.5% and 3.5% prior. The monthly Average Hourly Earnings rose by 0.2%, against the estimation of 0.3%.
Market participants speculate that the Federal Reserve might end its cycle of monetary tightening. According to the CME FedWatch tool, the markets have priced in the fact that the Fed will not raise interestat its September meeting, and the probability of raising rates in November and December dropped to nearly 35%. Despite posting the lowest weekly gain since the beginning of July, the US Dollar trades in positive territory for the sixth consecutive week.
The BoE Chief Economist Huw Pill noted last week that inflation in the United Kingdom remains too high and added that there are several measures in the pipeline. The aggressive tightening of monetary policy by the BoE exerts some pressure on the British Pound considering investors fear the negative impact on the UK economy.
In the absence of the top-tier economic data release from the UK docket and the US holiday. Investors will digest last week’s data ahead of the US ISM Services PMI for August. The figure is expected to rise to 52.6. Investors will take cues from the data and find opportunities around the GBP/USD pair.
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.
New Atari 2600 Plus Gaming Console Will Support 'Pole Position'We're ready to go back to the '80s; are you? Get ready to experience the OG video racing game.
Read more »
GBP/USD trades with a mild positive bias around 1.2600, lacks bullish convictionThe GBP/USD pair edges higher on the first day of a new week, albeit lacks follow-through buying or build on its modest intraday gains around the 1.26
Read more »
GBP/USD Price Analysis: Cable bears eye 1.2570 support and BoE Monetary Policy Report HearingsGBP/USD remains on the back foot around 1.2590-85 as it struggles to defend the weekly gain during the early hours of Monday’s Asian session. In doing
Read more »
Pound Sterling Price News and Forecast: GBP/USD edges higher amid subdued USD demandThe GBP/USD pair edges higher on the first day of a new week, albeit lacks follow-through buying or build on its modest intraday gains around the 1.26
Read more »
GBP/USD now faces downside risksEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD is predicted to meet a tough support around 1.2545 ahead of 1
Read more »
Man injured after crashing motorcycle into parking lot gateThe accident occurred around 2:30 a.m. Sunday in the 2600 block of Jetty Road in the Mission Beach neighborhood of San Diego.
Read more »