GBP/USD reversed its direction and turned positive on the day near 1.2450 after falling to a fresh multi-month low below 1.2400 earlier in the day. The cautious market stance could make it difficult for GBP/USD to stretch higher ahead of the weekend.
In the Asian trading hours, the US Dollar (USD) gathered strength against its rivals as investors sought refuge following reports of Israeli missiles striking Iran. Israel has not officially confirmed the news but several outlets reported that US officials said that Israel was behind the attack. Read more…
The British pound dipped 0.30% earlier today but has managed to recover the losses. In the European session, GBP/USD is trading at 1.2451, up 0.12%.
The UK release retail sales were flat in March, after a revised 0.1% gain in February and missing the market estimate of 0.3%. Fuel sales were higher but were offset by weaker food sales. This was a disappointment for retailers as hopes that the Easter holiday would boost March sales failed to materialize. On a yearly basis, retail sales rose 0.8%, up from a revised -0.3% in February and just above the market forecast of 0.7%. Read more…
The Pound Sterling (GBP) finds a temporary support near almost five-month low around 1.2400 against the US Dollar in Friday’s London session. The US Dollar Index (DXY) struggles to sustain above the crucial support of 106.00 despite Federal Reserve (Fed) policymakers maintaining hawkish guidance on interest rates.
On Thursday, Atlanta Fed President Raphael Bostic said progress in inflation towards the 2% target will be slower than expected. Bostic also said he is comfortable with interest rates remaining high as labor demand is robust and wage growth remains resilient. Read more…
