Pound Sterling trades mixed in key pairs at start of week
The Pound Sterling (GBP) trades mixed in its most heavily traded pairs on Monday despite positive economic data releases of late. The Sterling is gaining against the US Dollar (USD) but trading flat against the Euro (EUR) and falling against the Japanese Yen (JPY). GBP’s recent moves have less to do with news or data out of the UK and more to do with the volatility in its counterparts.
The Pound Sterling is trading mixed at the start of the new week. Recent assessments of the UK economy have been mostly positive, with some economists describing it as striking a “Goldilocks” balance between “not too cold” and “not too hot”. Read more…
GBP/USD Forecast: Pound Sterling turns overbought after climbing to new monthly high
The persistent selling pressure surrounding the US Dollar (USD) on Friday allowed GBP/USD to extend its weekly rally. After gaining nearly 1.5% in the previous week, the pair continued to stretch higher and reached its strongest level in a month above 1.2970.
Although last week’s upbeat data releases from the US caused markets to refrain from pricing in a 50 basis points (bps) rate cut in September, the USD struggled to outperform its rivals as risk flows dominated the action in financial markets. Read more…
