GBPUSD news - page 83
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Expecting a move upppp soon!
UK data - RICS House Price Balance: 50% (expected 50%) RICS House Price Balance for February: 50%
London Mayor Says UK Currency Would Benefit From Brexit The Conservative Mayor of London Boris Johnson, one of the most prominent politicians campaigning for Britain to leave the European Union in a June 23 referendum, said quitting the bloc would be beneficial for the pound.
The UK currency plunged to a seven-year low against the dollar in the days after Johnson declared on Feb. 21 that he would be campaigning for exit, going against Prime Minister David Cameron's and the mainstream government position.
The currency would gain support from the advantages that severing ties with the trading bloc would bring, which would bolster the UK economy by cutting regulations, Johnson said at a campaign event on Friday in Dartford, southeast England, according to Reuters news service.
"Sterling and euro will continue to fluctuate as they always have done but sterling will reflect the long term health and strength of the UK economy and trade flows and investment flows and people's willingness to buy UK products and invest in the UK," Johnson was cited as saying by Reuters.
"The more we can get rid of the regulation, the red tape, the cost of the EU, the better we'll do and the more we'll thrive and the more robust our currency will be," he said, according to Reuters.
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GBP/USD forecast for the week of March 14, 2016 The GBP/USD pair initially fell during the course of the week but turned right back around to crash through the 1.43 level. Because of this, it’s very likely that we go to the 1.45 handle given enough time, but at this point in time we believe that the market will probably be easier to trade off of short-term charts as opposed to a weekly chart. Because of this, we are simply going to sit on the sidelines as far as longer-term trades are concerned until the next candle forms.
Pound suffering again in early European trading It's not been a good 24 hours for the UK pound Sliding again this morning as we wait on the latest UK wages and jobs data at 09.30 GMT.
No particular spark that I'm seeing or hearing so far but market's don't need fresh reasons when the current ones, mainly Brexit uncertainty, are still playing out.
GBPUSD has been down to test decent support/bids around 1.4080. More behind that around 1.4050. Expect offers now into 1.4120 and 1.4150. Currently 1.4094.
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UK Wages Pick Up More Than Expected, Jobless Rate Unchanged The UK jobless rate remained unchanged at a decade low of 5.1% in the quarter to January, while a monthly, unofficial rate of unemployment declined to 5%, indicating the labor market continued to tighten markedly at the start of the year, the Office for National Statistics (ONS) informed on Wednesday.
Despite the headline jobless rate remaining unchanged, the number of people claiming jobseekers' allowance continued to decline for the sixth consecutive month, falling by 18,000 in February. The claimant count change was also notably revised for the month before, taking the overall number of people on social benefits to the lowest level since April 1975.
Earnings without bonuses, a more underlying gauge of wage growth, picked up pace to 2.2% in the three months to January, up from 2% a month before and slightly above market estimates of 2.1%. Pay with bonuses also accelerated above expectations by 2.1%, from 1.9% in quarter to December.
Even though wages ticked up slightly they are not expected to apply much pressure on the Bank of England's (BoE) policy decisions in the coming months, as the average pay level still remains notably below pre-crisis rates.
Commenting on the figures, ONS statistician Nick Palmer said: "Once again the latest quarterly figures show continuing high employment levels, but no significant pick up in earnings growth."
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Expecting a move down.
GBPUSD rattles the 1.4500 cage as the US brings risk on to the table That's the spirit, take the week out on a positive note A way to go yet but we're seeing some cheerfulness spread across markets early in the US trading day.
USDJPY is looking to take on the recent highs around 111.50/55.
GBPUSD had a look at 1.4500, grabbed 6 pips but then fell back to 1.4483.
EURUSD has had a half hearted attempt towards 1.1300 but trades at 1.1277.
European stocks are in the green but hi/lo ranges suggest there's a lack of appetite.
Let's see if we can get some breaks of intraday levels to spice things up. US stock's open at the bottom of the hour so that might inject some energy. S&P futures are currently up 6 points at 2036.
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Pound Finally Conquers $1.45 Mark The cable managed to break above the resistance of $1.45 for a longer period on Friday, although the strong momentum that had sent the GBP/USD pair around 400 pips higher vanished.
In addition, the greenback sought to find some ground following the Federal Reserve's (Fed) cut of interest rate projections on Wednesday, as central bankers responded to the recent anxiety over the global economic growth and indicated only two hikes in 2016.
Therefore, traders put aside concerns over a potential Brexit, which had sent the British pound to the seven-year low at $1.3833 February 29, but some analysts predicted sterling's further pain once volatility is lower.
''Still, the bigger news that are likely at some point come back to undermine the pound was the clear upturn in focus on the economic risks related to 'Brexit'. The referendum had the potential to 'delay some spending decisions and depress growth' and the MPC also stated that the uncertainty was a 'likely driver of the decline in sterling'," the Bank of Tokyo-Mitsubishi UFJ analyst Derek Halpenny said.
On Friday, the cable was seen 0.12% higher at $1.4494, dwelling below the one-month high at $1.4506, however failing to spike higher since yesterday evening.
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GBP/USD Weekly Fundamental Analysis – March 21-25 The GBP/USD saw gains this week of 0.67% to close at 1.4484 inspired by weakness in the greenback after the dovish stance of the FOMC. Brexit worries limited the pounds rise. Despite expectations for a 1.0% decline in U.K. Retail Sales, stickiness in the core Consumer Price Index may heighten the appeal of the British Pound and generate a larger recovery in GBP/USD as the BoE argues that the next move will be to normalize monetary policy.
The U.K. referendum is likely to keep the Monetary Policy Committee on the sidelines throughout the first-half of 2016 as the board votes unanimously to retain the current policy in March, but signs of stronger-than-expected price growth may encourage Governor Mark Carney to adopt a more hawkish tone over the coming months especially as the central bank sees a risk of overshooting the 2% inflation-target over the policy horizon. The Bank of England expects the economy to grow 2.2% this year and 2.3% next year, more optimistic than the UK government’s forecasts for 2% and 2.2% growth in 2016 and 2017. Financial markets had fully priced out the possibility of an interest rate hike this year.
At the same time, the recent weakness in the greenback may contribute to a further appreciation in GBP/USD as the Federal Reserve cuts its growth and inflation forecast, with central bank officials laying out a more gradual path for future interest rates. Even though the U.S. economy approaches ‘full-employment,’
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