The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Asian session on Friday.
GBP/USD edges lower to 1.2658 amid the weaker USD. The US S&P Global CompositePMIarrived at 52.2 in March vs. 52.5 in February. The BoE maintained its interest rates unchanged at 5.25% on Thursday. UK February Retail Sales will be due on Friday, which is forecast to fall 0.3% in February. The downtick of the major pair is backed by the stronger US Dollar and the dovish tilt of the Bank of England . Investors await the UK Retail Sales for fresh impetus, which is expected to fall 0.
50% at its March meeting on Wednesday, with the median FOMC projections retaining three cuts in 2024. The markets have priced in around 80% odds that the Fed will cut rates in June, according to the CME FedWatch Tool. On Thursday, the US S&P Global CompositePMIcame in at 52.2 in March from 52.5 in February. Meanwhile, the S&P Global Manufacturing PMI improved to 52.5 from 52.2 in the previous reading, above the market consensus of 51.7. The Services PMI eased to 51.
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.
GBP/USD holds above the 1.2800 mark ahead of US Retail Sales dataThe GBP/USD pair hovers around the 1.2800 mark during the early Asian trading hours on Thursday.
Read more »
GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Mar 01, 2024 when GBP/USD traded near 1.26.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.
Read more »
GBP/USD holds above the 1.2700 mark, UK CPI, Fed rate decision eyedThe GBP/USD pair trades in negative territory for the fifth consecutive day during the early Asian session on Wednesday.
Read more »
NZD/USD posts modest gains above the mid-0.6100s, US Retail Sales eyedThe NZD/USD pair trades strongly above the mid-0.6100s during the early Asian session on Thursday.
Read more »
GBP/USD trades thin on Wednesday as markets wait for a pushGBP/USD found some volatility on Wednesday, but overall directional momentum remains limited with the pair rangebound and pinned close to the day’s opening range near 1.2790.
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 »