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News

GBP/USD leaps back above 1.3400, hits session highs as easing Q4 wage pressures dent dollar
In wake of the latest US data dump that contained promising signs of easing US wage pressures last quarter, the dollar has seen broad weakness which h | 28/01/2022 14:13
- GBP/USD has jumped back above 1.3400 in wake of the latest US data dump.
- The dollar has weakened amid profit-taking after data revealed an easing of US wage pressures in Q4.
In wake of the latest US data dump that contained promising signs of easing US wage pressures last quarter, the dollar has seen broad weakness which has helped to propel GBP/USD back above the 1.3400 level. Indeed, the pair recently high session highs in the 1.3420s, where it now trades with modest gains of about 0.3% on the session. Technicians may now look for cable to test resistance in the form of the earlier weekly lows in the 1.3430-50 area, where some swing traders may be tempted to reload short positions.
Despite some profit-taking in wake of the latest US data dump that saw Core PCE and Personal Income/Spending figures print roughly in line with expectations but surprising weakness in Q4 Employment Cost inflation, many buck bulls will remain confident. Indeed, the broader Dollar Index (DXY) is still up about 1.6% on the week (and GBP/USD is down about 1.0% on the week), spurred by Fed tightening bets after Fed Chair Jerome Powell’s hawkish post-policy announcement remarks. As the Fed leaves itself plenty of optionality to tighten at a faster, or slower pace, dependent upon the data, there is plenty of space for further data surprises next week to power further Usd upside.
That suggests downside risks for G10/USD majors, including GBP/USD in the week ahead, with the most important data releases to scrutinise the January ISM surveys and official labour market report. As some strategists talk about a return to GBP/USD to December’s sub-1.3200 lows, note that next week’s BoE meeting may offer some upside risk, given the bank is likely to implement another rate hike and layout quantitative tightening plans.
At the very least, even if the broad dollar rally does power on and drives GBP/USD lower, there is a distinct chance that sterling’s losses against the buck are limited compared to other G10 currencies. That has been the case this week, with GBP down around 1.0% versus the buck, while CAD, JPY and EUR are 1.4-1.6% lower and CHF, NZD and AUD all more than 2.0% lower.
Popular News
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NZD/USD remains confined in a range below 0.6500 mark, downside seems cushioned
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Gold Price Forecast: XAUUSD bears eye $1,838 and $1,836 as next downside targets – Confluence Detector
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USD/JPY remains depressed below 127.00 mark, bears await break below monthly low
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South Africa Producer Price Index (MoM) came in at 1.8%, above expectations (1.1%) in April
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South Africa Producer Price Index (YoY) above expectations (12.3%) in April: Actual (13.1%)
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Indonesia: BI keeps rates unchanged – UOB
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Moody’s: Global growth forecasts slip amid Russia-Ukraine war, China lockdowns
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Silver Price Analysis: XAG/USD struggles near the lower end of one-week-old trading range
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USD/CAD Price Analysis: Upside remains capped below 21-DMA ahead US/Canadian data
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Italy Industrial Sales n.s.a. (YoY) rose from previous 20.9% to 21.4% in March
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Italy Industrial Sales s.a. (MoM) declined to 2.4% in March from previous 2.8%
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AUD/USD struggles for a firm near-term direction, flat-lined below 0.7100 mark
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US Dollar Index could test the 101 level near-term – Westpac
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AUD/USD to struggle to surpass the 0.7135 resistance – Westpac
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NZD/USD to advance nicely towards 0.66 during the week ahead – Westpac
In the view of analysts at Westpac, kiwi’s April low at 0.6217 is potentially a launchpad to much higher levels. They target the 0.66 area during the | 26/05/2022 08:04
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GBP/USD to flip lower on more weak UK economic data – Westpac
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Italy Consumer Confidence above expectations (100.5) in May: Actual (102.7)
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Italy Business Confidence above expectations (109) in May: Actual (109.3)
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EUR/USD: Sharper squeeze unlikely prior to ECB’s June meeting – Westpac
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GBP/USD struggles to find acceptance above 1.2600, pares intraday gains to multi-week peak
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Central Bank of Russia cuts policy rate by 300 bps to 11%
The Central Bank of Russia announced on Thursday that it cut its policy rate by 300 basis points to 11% from 14%. In its policy statement, the central | 26/05/2022 08:39
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EUR/USD regains composure and retargets 1.0700
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Russia Interest rate decision: 11% vs previous 14%
Russia Interest rate decision: 11% vs previous 14% | 26/05/2022 07:31
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USD/CNH still seen within the 6.6500-6.7500 range – UOB
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US Dollar Index: Bulls look to add to the rebound above 102.00
The US Dollar Index (DXY), which gauges the greenback vs. a bundle of its main rival currencies, advances modestly above the102.00 mark on Thursday. U | 26/05/2022 08:15
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US Dollar Index to enjoy a near-term recovery to the 103.30 area – ING
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EUR/CHF: A break under April’s 1.0189 lows appears to be on the way – DBS Bank
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BOJ's Kuroda: Don't expect inflation to stay around 2% next year, and the year after
Bank of Japan (BOJ) Haruhiko Kuroda said in a statement on Thursday, not to expect inflation to stay around 2% next year and the year after. Additiona | 26/05/2022 07:08
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USD/RUB to end the year at 75, CBR large rate cut unable to lower rouble near-term – ING
The Central Bank of Russia (CBR) has announced an emergency monetary policy meeting for today. Economists at ING expect Russia to slash rates again. H | 26/05/2022 07:04
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Gold Price Forecast: XAUUSD remains depressed below $1,850, flits with 200-DMA support
Gold extended the overnight retracement slide from over a two-week high and witnessed selling for the second successive day on Thursday. The XAUUSD re | 26/05/2022 08:02
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