Pound Sterling flattens against US Dollar on absence of US key economic data releases
The Pound Sterling (GBP) trades in a tight range around 1.3440 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair consolidates as the US Dollar (USD) trades sideways, with investors struggling to find fresh cues regarding the economic outlook in the wake of partial government closure.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles around 97.90 at the time of writing. The partial US government shutdown has resulted in halt of key economic data releases, including the Nonfarm Payrolls (NFP) report that was scheduled for this Friday, as a number of statistical agencies have been called off work due to the stoppage of government funding. Read more…
GBP/USD Forecast: Pound Sterling bulls hesitate ahead of US PMI data
After losing about 0.3% and snapping a four-day winning streak on Thursday, GBP/USD holds steady at around 1.3450 in the European session on Friday. The pair’s technical outlook points to a loss of bullish momentum as market focus shifts to the Institute for Supply Management’s (ISM) Services Purchasing Managers’ Index (PMI) data for September.
In the second day of the US federal government shutdown on Thursday, the Senate did not vote on the funding legislation in observance of the Yom Kippur holiday. Read more…
