Pound Sterling retreats against US Dollar ahead of flash US PMI data
The Pound Sterling (GBP) falls back after posting a fresh two-month high near 1.2680 against the US Dollar in European trading hours on Friday. The GBP/USD pair surrenders intraday gains and turns negative as the US Dollar bounces back. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rebounds to near 106.65 from its Year-To-Date (YTD) low of around 106.30, which it posted on Thursday.
On Thursday, the Greenback tumbled as its risk premium had diminished, with investors anticipating that United States (US) President Donald Trump’s tariff agenda won’t lead to a significant slowdown in the global economy. Read more…
GBP/USD Forecast: Near-term outlook remains bullish despite mixed UK data
GBP/USD corrects lower and trades near the 1.2650 area in the European session on Friday, after having set a new two-month high at 1.2678 earlier in the day. Despite the recent pullback, the pair’s technical outlook suggests that the bullish bias remains intact.
On Thursday, the broad-based selling pressure surrounding the US Dollar (USD) helped GBP/USD push higher. Disappointing Jobless Claims data and falling US Treasury bond yields weighed on the USD. Read more…
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