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Pound Sterling Price News and Forecast: GBP/USD pulls back as solid US data revives the Greenback
Forex
Silver prices tumbled as rising oil prices reshaped inflation expectations, lifting the dollar and delaying Fed rate cuts despite soft CPI, PPI and jobs data.
NZD/USD Price Forecast: Buyers retain upper hand near one-month highs
While USD bulls came back to life from mid-April through last month, GBP/USD has held up relatively well. The pair did test a fresh low in late-June but support held at a key Fibonacci level of 1.3143, and that's where the music stopped for sellers and since then a strong bullish reversal has taken over that's seen Cable rip for more than 400 pips into yesterday's fresh monthly high.
Australian dollar rallies toward major resistance as RBA rate hike odds swing sharply and the US Dollar Index continues to weaken. Michael Boutros, Senior Market Analyst at FOREX.com, breaks down the key levels driving the move and what traders are watching next.
Over the past two days, the USD Index moved lower. Gold should have responded by rallying.
The key risk for euro bulls is that a prolonged energy shock eventually shifts the market's focus away from higher interest rates and back toward recession risks.
Summary:GBP/USD remained supported after UK GDP returned to growth in May while softer US producer inflation weakened the US dollar. The British pound continues to draw support from improving economic data and expectations of fiscal stability under the incoming UK government.
Gold markets continue to test the $4,000 level early on Thursday. This market continues to watch higher rates and a stronger US dollar.
Euro pauses a two-day winning streak as the US Dollar steadies
The silver market continues to see a lot of selling pressure, as the market sees a lot of interest rate pressure at this time. Silver remains sensitive to rates and the Greenback.
The US dollar is choppy overall in early trading on Thursday, as markets try to determine their next move.
British Pound eases against Yen after hitting highest level since 2007
The euro has regained some ground against the Turkish lira after a period of decline in late June. The pair is currently trading near the 54.00 level, which has previously acted as a resistance point.
Pound Sterling Price News and Forecast: GBP/USD dip-buying favored on pullbacks below 1.3500
Silver tumbles as energy-driven inflation fears keep rate outlook elevated
The price of gold was down nearly 1% at the time of writing at midday in London, with the metal unable to further extend its two-day recovery. This comes as the dollar was looking to steady itself after suffering a double dose of inflation surprises this week with both CPI and PPI coming in weaker than expected.
GBP/JPY's up trend resumed by breaking through 217.99 and intraday bias is back on the upside. Current rally should target 220.90 fibonacci projection level next.
No change in EUR/JPY's outlook as sideway trading continues. Intraday bias remains neutral for the moment.
Gold slips as energy-driven inflation fears keep Fed rate hike bets in play
