GBP/USD snaps a two-day losing streak, retracing recent losses and trading near 1.2600 during the early European session on Monday.
GBP/USD gains ground as the Greenback weakens on speculations of a Fed rate cut in June. The higher US Treasury yields could have provided support for the US Dollar. Fitch Ratings revised the UK's sovereign credit outlook to stable from negative last Friday, affirming its sovereign credit rating at AA-. The decline in the US Dollar appears to be the catalyst underpinning the GBP/USD pair.
The revision came after the country's economy rebounded to growth in January from a shallow recession in the second half of 2023, boosted by a resurgence in retail sales and housing. UK Retail Sales came in better than expectations, remaining flat in February. This figure was above the market consensus of a 0.3% decline and suggested a positive sign for the economy.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Dollar Forecast: US PCE to Guide Markets; EUR/USD, GBP/USD, USD/JPY SetupsThis article explores the technical outlook for three major U.S. dollar pairs: EUR/USD, GBP/USD, and USD/JPY. In the piece, we also discuss potential market scenarios ahead of key U.S. PCE data.
Read more »
GBP/USD Forecast: Pound Sterling weakens as US Dollar rebounds modestlyThe Pound Sterling (GBP) returned to red against the US Dollar (USD), reversing the previous week’s rebound.
Read more »
US Jobs Report to Guide US Dollar’s Outlook; EUR/USD, USD/JPY, GBP/USD SetupsThe February's U.S. jobs report is poised to inject a considerable amount of volatility into financial markets and may play a pivotal role in shaping the near-term trajectory of the U.S. dollar.
Read more »
GBP/USD Forecast: Pound Sterling rebounds firmly on weaker US DollarFollowing a down week, the Pound Sterling (GBP) regained its lost footing against US Dollar (USD), with GBP/USD clinching the highest level in seven months near the 1.2900 mark.
Read more »
US Dollar Forecast: US CPI to Spark Next Big Move - EUR/USD, USD/JPY, GBP/USDFebruary's U.S. inflation data is poised to ignite heightened market volatility in the upcoming week, playing a pivotal in shaping the near-term outlook for the U.S. dollar.
Read more »
US Dollar Soars on Inflation Risks as Fed Looms; EUR/USD, GBP/USD, USD/JPY SetupsThis article provides an in-depth analysis of the outlook for EUR/USD, USD/JPY and GBP/USD, exploring various technical and fundamental scenarios that could play out in the near term.
Read more »