The GBP/USD pair gains some positive traction for the second successive day on Friday and looks to build on the previous day's goodish recovery from t
he vicinity of its lowest level since March 17. Spot prices trade around the 1.2220 region during the Asian session and draw support from a mildly softer tone surrounding the US Dollar .
The USD Index , which tracks the Greenback against a basket of currencies, remains depressed below the YTD peak set earlier this week and is pressured by Thursday's rather unimpressive US macro data. The final estimate published by the US Bureau of Economic showed that the US expanded by a 2.1% annualized pace during the second quarter, in line with market expectations.
The US macro data, however, still pointed to a resilient economy and ensured that the Federal Reserve would keep interest rates higher for longer. This should help limit the downside for the US bond yields and lend support to the Greenback. Traders might also refrain from placing aggressive directional bets and prefer to wait for the release of the US Core PCE Price Index – the Fed's preferred inflation gauge.
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.
GBP/USD could consolidate back above 1.27 by year-endThe British Pound (GBP) underperformed as pillars of bullish momentum have evaporated. Economists at ANZ Bank analyze Sterling’s outlook. Momentum fal
Read more »
Pound Sterling Price News and Forecast: How much further will the GBP/USD drop?GBP/USD broke through 1.2200 on Tuesday and extended its slide to a fresh six-month low below 1.2150. The near-term technical picture shows that the p
Read more »
GBP/USD now looks at 1.2100Extra weakness could drag GBP/USD to the 1.2100 region in the next few weeks, note UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strateg
Read more »
GBP/USD needs to surpass 1.2350 to show more meaningful technical strengthGBP/USD is putting in a solid session – by recent standards – so far today. Economists at Scotiabank analyze the pair’s outlook. Cable looks heavily o
Read more »
GBP/USD remains vulnerable to the 1.20/1.21 areaGBP/USD extended its decline and came within a touching distance of 1.2100 on Wednesday. Economists at ING analyze Sterling’s outlook. Caught in the c
Read more »