Pound Sterling continues outperformance on upbeat UK data
The Pound Sterling (GBP) outperforms its peers at the start of the week due to upbeat United Kingdom (UK) Retail Sales and positive flash S&P Global Purchasing Managers’ Index (PMI) data released on Friday.
The Office for National Statistics (ONS) reported that Retail Sales, a key measure of consumer spending, surprisingly rose by 0.5% on a monthly basis, while these were expected to decline by 0.2%. Also, the UK’s private sector business activity expanded at a faster pace due to a strong rebound in the manufacturing sector. The Manufacturing PMI rose to 49.6 from estimates of 46.6. Still, despite the increase, the data continued to suggest a contraction in factory activity as the figure remained below the 50.0 threshold. The overall composite PMI, however, increased to 51.1. Read more…
GBP/USD Weekly Forecast: Pound Sterling slides as Dollar strengthens ahead of Fed decision
The Pound Sterling (GBP) faced rejection once again on its way to the 1.3500 level when compared with the US Dollar (USD), sending GBP/USD back toward the 1.3300 mark.
GBP/USD faced a double whammy and returned to the red, reversing a major portion of the previous week’s recovery. The pair felt the heat of the USD resurgence as a safe-haven asset, while increased dovish bets surrounding the Bank of England’s (BoE) interest rate outlook added to its downside. Read more…
