The GBP/USD pair made a strong bearish breakout last week even after the Bank of England decided to hike interest rates by 0.50%. This was the biggest rate hike since 1994 and is a sign that the bank is committed to continuing with its battle against inflation.
The GBP/USD pair also dropped after Nancy Pelosi’s trip to Taiwan. Shortly after the trip, China started drills on how it will finally attack Taiwan. These drills continued during the weekend and analysts believe that China will likely accelerate its invasion plans. The unemployment rate dropped to 3.5% while the participation rate continued rising. Notably, wages continued rising in July even though they are growing at a slower pace than inflation. Therefore, these numbers will likely put pressure on the Federal Reserve to continue tightening.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly Forex Forecast - EUR/USD, GBP/USD, AUD/USD, USD/JPYThe euro went back and forth last week as we continue to see a significant amount of noisy behavior between the 1.01 level, and the 1.03 level.
Source: Daily_Forex - 🏆 567. / 51 Read more »
EUR/USD Forex Signal: Pair to Remain Range-BoundThe $EURUSD currency pair came under intense pressure after the strong American jobs numbers pointed to more tightening by the Federal Reserve. FOREX SIGNALS
Source: Daily_Forex - 🏆 567. / 51 Read more »
Forex Forecast: Pairs in Focus \u2013 EUR/USD, S\u0026P 500 IndexGet the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of August 8, 2022 here.
Source: Daily_Forex - 🏆 567. / 51 Read more »
Weekly Forex Forecast - EUR/USD, GBP/USD, AUD/USD, USD/JPYThe euro went back and forth last week as we continue to see a significant amount of noisy behavior between the 1.01 level, and the 1.03 level.
Source: Daily_Forex - 🏆 567. / 51 Read more »
Trading Support and Resistance \u2013 AUD/USD, EUR/USD, GBP/USDGet our trading strategies with our monthly \u0026 weekly forecast of currency pairs worth watching using support \u0026 resistance for the week of August 8, 2022.
Source: Daily_Forex - 🏆 567. / 51 Read more »
EUR/USD Forex Signal: Pair to Remain Range-BoundThe $EURUSD currency pair came under intense pressure after the strong American jobs numbers pointed to more tightening by the Federal Reserve. FOREX SIGNALS
Source: Daily_Forex - 🏆 567. / 51 Read more »