The Sterling found support at the 1.2580 area earlier today, before bouncing up, favoured by a somewhat softer US Dollar during Thursday’s US Session.
The Pound finds support above 1.2580 but it remains unable to extend gains beyond 1.2670. Soft UK data and hawkish comments from Fed speakers are weighing on the Sterling. The USD has failed to capitalize on better-than-expected US GDP and Jobless Claims figures The Sterlingfound support at the 1.2580 area earlier today, before bouncing up, favoured by a somewhat softer US Dollar during Thursday’s US Session. The pair, however, remains capped below 1.
In the US, Fed Governor Waller suggested that the Fed might keep interest rates higher for longer, which provided a fresh boost to the US Dollar. Investors are now looking at Friday’s PCE Prices Index to reassess the chances of a June rate cut Macroeconomic data released on Thursday revealed that the US economy grew at a faster-than-expected pace in the fourth quarter while Weekly Jobless Claims declined, adding to the evidence of the strong US labour market.
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