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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.
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Gold Price Forecast: XAU/USD bulls need acceptance from $1,970, $1,990 and Fed – Confluence Detector
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GBP/JPY jumps to the highest level since 2016, around 174.80 region
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AUD/USD remains on the defensive on weaker Chinese inflation data, holds above 0.6700
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USD/CNH grinds above 7.1200 on mixed China inflation clues
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China CPI: YoY actual 0.2% (forecast 0.2%, previous 0.1%, AUD steady
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China Consumer Price Index (MoM) came in at -0.2% below forecasts (-0.1%) in May
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China Consumer Price Index (YoY) below expectations (0.3%) in May: Actual (0.2%)
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China Producer Price Index (YoY) below expectations (-4.3%) in May: Actual (-4.6%)
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Silver Price Analysis: XAG/USD bulls appear well set to prod $24.50 hurdle
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USD/CNY fix: 7.1115 vs. the estimate of 7.1122 and the last close of 7.1120
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BoJ's governor Ueda: BoJ is implementing policies to achieve stable 2% inflation
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USD/CAD hangs near multi-week low, below 0.9000 as USD struggles to gain traction
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Saudi crown prince threatened ‘major’ economic pain on US amid oil feud - Washington Post
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EUR/JPY Price Analysis: Trapped between critical daily support and resistance, breakout eyed
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AUD/USD Price Analysis: Aussie bulls seek acceptance from 0.6740 hurdle ahead of China inflation
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GBP/USD consolidates its recent gains to multi-week top, holds steady above mid-1.2500s
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USD/JPY pares the biggest daily loss in a month around 139.00 as yields stabilize after a slump
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US Dollar Index: DXY suffers from downbeat US data, pre-Fed positioning at 13-day low near 103.30
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Japan Money Supply M2+CD (YoY) came in at 2.7%, above expectations (2.5%) in May
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USD/CAD Price Analysis: Bounces off 1.3330 key support ahead of Canada Employment data
USD/CAD licks its wounds around 1.3360, pausing a three-day downtrend near the lowest levels in a year amid the early hours of Friday’s Asian session. | 09/06/2023 00:42
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Gold Price Forecast: XAU/USD looks set to cross $1,985 hurdle as softer US data weighs on US Dollar, yields
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South Korea Current Account Balance came in at -0.79B, above expectations (-1.38B) in April
South Korea Current Account Balance came in at -0.79B, above expectations (-1.38B) in April | 08/06/2023 23:00
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NZD/USD Price Analysis: Multiple hurdles prod Kiwi bulls, focus on 200-SMA, China inflation
NZD/USD bulls are yet to retake control, despite the most in two months the previous day, as multiple key upside hurdles stand tall to challenge the l | 08/06/2023 23:58
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EUR/GBP Price Analysis: Struggles at 0.8600, hovers near YTD lows
EUR/GBP finished Thursday’s session with losses though clings to the 0.8580 area, nearby year-to-date (YTD) lows reached on June 1 at 0.8567. At the t | 08/06/2023 22:40
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AUD/USD justifies fresh concerns of RBA vs. Fed divergence above 0.6700, China inflation eyed
AUD/USD bulls take a breather at the highest level in a month, after rising the most in one week, as they flirt with the 0.6715-20 zone amid the early | 08/06/2023 23:38
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