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Pound Sterling Price News and Forecast: Stalls as UK GDP shrinks, diplomacy boosts risk mood
The Pound Sterling turned negative on Friday against the US Dollar after data from the UK showed the economy contracted in April, while an agreement between the US and Iran improved risk appetite. Yet the Greenback erased its earlier losses and traded above its opening price.
British Pound stalls as UK GDP shrinks, diplomacy boosts risk mood
The Pound Sterling (GBP) turns negative against the US Dollar (USD) on Friday after UK data showed the economy contracted in April, while rising prospects of an agreement between the US and Iran improved risk appetite.
US officials' comments on Iran negotiations put mild pressure on US Dollar
United States Vice President JD Vance said on Friday that Iran would not receive cash or released funds simply for signing a potential agreement, pushing back against what he described as false information surrounding a possible deal to reopen the Strait of Hormuz and end Iran’s nuclear weapons prog
British Pound: Steady against US Dollar before key BoE and data – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note that the British Pound (GBP) is consolidating recent gains around 1.3400, with domestic risk elevated ahead of next week’s CPI, labour data and the Bank of England decision.
Euro supported by hawkish ECB rhetoric as British Pound struggles after weak GDP
EUR/GBP holds firm on Friday, with the Euro (EUR) modestly outperforming the British Pound (GBP) as weak UK Gross Domestic Product (GDP) data reinforced signs of a slowing economy. At the time of writing, the cross trades around 0.8633, up from an intraday low of 0.8625.
CEE FX: Risk-on bounce but policy still key – ING
ING’s Frantisek Taborsky notes that headlines on a possible end to the US-Iran conflict triggered a risk-on move, helping Central and Eastern European currencies erase recent losses.
Gold pauses recovery as traders await clarity on US-Iran peace deal
Gold (XAU/USD) consolidates on Friday as traders await further developments on a potential US-Iran peace deal. At the time of writing, XAU/USD is trading around $4,189 after climbing to an intraday high of $4,246 earlier in the day.
Canadian Dollar: Overbought Dollar holds near 1.40 ceiling – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret observe that the Canadian Dollar (CAD) is weighed down by weaker Oil prices linked to Iran peace hopes, even as improved risk appetite offers some support.
New Zealand Dollar dips as robust US sentiment, inflation data underpin US Dollar
NZD/USD trades around 0.5830 on Friday at the time of writing, down 0.15% on the day as the US Dollar (USD) maintains a firm tone following a series of strong US economic releases.
European Central Bank: Hawkish forecasts point to higher terminal rate – Nomura
Nomura’s European Economics team, led by Andrzej Szczepaniak and colleagues, notes that the ECB delivered a 25bp hike to a 2.25% depo rate and unveiled more hawkish forecasts.
Bank of England: Hold stance extended as inflation risks linger – TD Securities
TD Securities economists expect the Bank of England (BoE) to keep Bank Rate at 3.75% with a 7-2 vote as Greene joins Pill in calling for a hike. They highlight persistent inflation pressures, upside risks from energy and airfare, and softer demand.
Breaking: United States Michigan Consumer Sentiment Index rises to 48.9 in June
Consumer confidence in the United States (US) improved slightly in June, with the University of Michigan's (UoM) Consumer Sentiment Index rising to 48.9 in the flash estimate from 44.8 in May. This print came in better than the market expectation of 46.
United States UoM 1-year Consumer Inflation Expectations dipped from previous 4.8% to 4.6% in June
United States UoM 1-year Consumer Inflation Expectations dipped from previous 4.8% to 4.6% in June
United States UoM 5-year Consumer Inflation Expectation declined to 3.4% in June from previous 3.9%
United States UoM 5-year Consumer Inflation Expectation declined to 3.4% in June from previous 3.9%
United States Michigan Consumer Expectations Index came in at 49.3, above forecasts (44.3) in June
United States Michigan Consumer Expectations Index came in at 49.3, above forecasts (44.3) in June
United States Michigan Consumer Sentiment Index above expectations (46) in June: Actual (48.9)
United States Michigan Consumer Sentiment Index above expectations (46) in June: Actual (48.9)
British Pound: Poised to fall toward 1.3100 against US Dollar – BBH
Brown Brothers Harriman’s Elias Haddad says GBP/USD has given back part of its US-Iran-related gains and is expected to fall to 1.3100 as United States (US) growth outpaces the United Kingdom (UK).
Federal Reserve: Warsh policy shift and inflation focus – NBC
National Bank of Canada (NBC) strategists assess how Kevin Warsh may reshape Federal Reserve (Fed) policy.
US Dollar: Peace deal talk keeps support intact – ING
ING’s Chris Turner notes that a potential US-Iran peace deal has softened the Dollar, but DXY is still holding firm. He highlights that energy supply losses and inflation risks persist unless Oil flows freely through the Strait of Hormuz.
SpaceX set to surge in stock market debut
SpaceX’s IPO has been an historic market event for its sheer size and the scale of demand for its shares. Ahead of its debut on the Nasdaq, the shares are higher by 30% in the pre market, and could start trading at $175 per share, up from the $135 IPO price, based on prediction markets.
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