The British Pound (GBP) is recovering some ground against the US Dollar (USD), though it remains below the 1.2200 figure capped by weaker UK economic data. A drop in US Treasury bond yields undermines the Greenback amidst a risk-off impulse. The GBP/USD is trading at around 1.2170s, after a bounce of daily lows of 1.2107. Read More…
The Pound Sterling (GBP) aims to extend the upside against the US Dollar, after weaker-than-anticipated UK Construction PMI data. The S&P Global reported the Construction spending at 45.0 in September, much lower than expectations of 49.9 and the former release of 50.8. A figure below the 50.0 threshold is considered a reflection of a contraction in activity. A decline in construction spending was widely anticipated as higher mortgage rates have forced households to postpone their demand for new houses. The impact of weak Construction PMI data is expected to remain limited as it is relatively a smaller part of the UK economy. Read More…
GBP/USD is now expected to trade within the 1.2030-1.2270 range in the next few weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group. Read More…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-eyes-tentative-recovery-amid-economic-headwinds-202310051813