|Day's Range||1.303 - 1.315|
|52 Week Range||1.1959 - 1.3510|
GBP/USD is catching a bid in early trading and is making an attempt at the upper bound of a trend channel that has contained price action since the start of the year.
Investing.com - The U.S. dollar edged higher Wednesday as traders took a calmer view of the emergence of the pneumonia-like virus in China, but its gains were minimal and caution was still abundant.
The British pound rallied a bit during the trading session on Tuesday, breaking above the top of the hammer from the Monday session. This was helped by better than anticipated employment figures.
IMF attributes ‘the lion’s share’ of downward revision to ‘more subdued growth forecast’ for India. Asia’s third-largest economy, is expected to grow by 5.8% in 2020, a 1.2 percentage point markdown from the organization’s October forecast.
Job numbers out of the UK were generally positive on Tuesday, triggering a rally in the pound to dollar exchange rate.
The pound is subdued on Tuesday, but that could change later in the day, as investors brace for soft employment numbers out of the U.K. (releases at 9:30 GMT).
More stats due out of the UK could test the Pound further this afternoon. Earlier in the day, the BoJ held rates steady.
Investing.com - The Japanese yen is in demand Tuesday as a safe haven currency with the outbreak of the pneumonia-like virus in China sparking a bout of risk aversion.
The British pound initially fell during the trading session on Monday but did recover a bit as we are starting to test the 1.30 level. The uptrend line is coming into play as well, although we are just short of the 50 day EMA.
GBP/USD attempted to recover higher last week but sellers stepped in after a weak UK retail sales report that encouraged rate cut speculation.
British numbers were dismal last week. On Friday, retail sales declined by 0.6%. The pound is showing signs of weakness, as it has slipped below the symbolic 1.30 level. Is cable headed for further losses?
With only a couple of data releases amidst the Fed’s communication blackout period, this holiday-shortened week looks to be relatively lackluster from the US economics perspective.
Investing.com - The U.S. dollar was largely flat in European trading Monday, with the U.S. holiday providing little incentive for traders to take risks. That said, the greenback still looks strong against its main competitors.
The PBoC left LPRs steady this morning, with some time likely needed to asses the impact of recent cuts and the phase 1 agreement.
The British pound went back and forth during the course of the week, as we get a lot of push back and forth from both buyers and sellers. The Friday session had a very poor retail sales figure release, and that of course weighed upon the market.
The British pound pulled back after initially trying to rally during Friday as the retail sales numbers were miserable in the United Kingdom. That being said, we are still very much in an uptrend and it will be interesting to see whether or not we can continue.
Retails sales in the UK were much worse than analysts expected, fueling rate cut expectations and putting Sterling under pressure.