GBP/USD advances to over one-week high, trades above mid-1.2900s on weaker USD – by hareshmenghani GBPUSD Fed RiskAppetite BOE Currencies
day on Thursday. Spot prices jump to over a one-week high during the Asian session and currently trade around the 1.2965 region, up just over 0.20% for the day.
The US Dollar is seen prolonging its retracement slide from a two-week high touched on Tuesday and turning out to be a key factor acting as a tailwind for the GBP/USD pair. Despite the fact that the Federal Reserve left the door open for one more rate hike in September or November, consensus that the US central bank is nearing the end of its current policy tightening cycle drag the Greenback lower for the third straight day.
Investors continue to cheer China's pledge to step up support for its fragile economy, which remains supportive of the bullish sentiment across the global equity markets. It is worth recalling that state agency Xinhua cited the Politburo - the top decision-making body of the ruling Communist Party - saying that China will step up economic policy adjustments, focusing on expanding domestic demand, boosting confidence and preventing risks., bolstered by last week's softer UK consumer inflation figures, could cap the British Pound . This, in turn, might hold back bulls from placing fresh bets around the GBP/USD pair. Hence, it will be prudent to wait for a move back above the 1.
In the absence of any relevant market-moving economic data from the UK, the USD price dynamics will continue to act as an exclusive driver of the GBP/USD pair's intraday movement. Later during the early North American session, traders will take cues from the US economic docket - featuring the release of the Advance Q2
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