Pound Sterling trades flat against US Dollar ahead of US ISM Manufacturing PMI
The Pound Sterling (GBP) flattens around 1.3230 against the US Dollar (USD), weakens against other currency pairs, during the European trading session on Monday. The GBP/USD pair consolidates while the US Dollar falls further amid firm expectations that the Federal Reserve (Fed) will cut interest rates in its monetary policy announcement next week.
During European trading hours, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, posts a fresh two-week low near 99.30. Read more…
GBP/USD Price Forecast: Softens below 100-day EMA amid bearish technical setup
The GBP/USD pair trades on a softer note around 1.3225 during the early European session on Monday. Rising bets of a Federal Reserve (Fed) rate cut in December might weigh on the Greenback and cap the downside for the major pair. Traders are now pricing in an 87% odds the Fed will cut by 25 basis points (bps) when it meets next week, according to the CME FedWatch tool.
UK Chancellor Rachel Reeves revealed the UK’s Autumn Budget last week, which includes tax hikes and changes to business rates, benefits, and pensions. The positive sentiment stemming from increased fiscal clarity could lead to a modest relief rally for the Pound Sterling (GBP) against the US Dollar (USD) in the near term. Read more…
