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GBP/USD rallies above 1.2700 amid speculations of Fed’s easing cycle, soft US Dollar
GBP/USD climbed more than 90 pips late during Friday’s North American session, or 0.70%, after reaching a daily low of 1.2609. Speculations that the Federal Reserve has finished its tightening cycle sparked more than 100 basis points of cuts by the Fed next year, a headwind for the Greenback. The pair is trading at 1.2711.
The main reason behind the GBP/USD’s advance is a softer greenback. Even though the US Federal Reserve’s Chairman Jerome Powell pushed back against rate cut expectations, he wasn’t unable to move the needle and boost the US Dollar, which measured by the US Dollar Index, which measures the currency against six other peers, dropped 0.38%, at 103.12. Read more…
GBP/USD: Loss of support around 1.2600/1.2605 should see losses extend towards the mid-1.25s – Scotiabank
GBP/USD holds above 1.26. Economists at Scotiabank analyze the pair’s outlook. Read more…
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