GBP/USD holds positive ground above 1.2550 on weaker US Retail Sales data
The GBP/USD pair trades with mild gains near 1.2585 during the early Asian session on Monday. The major pair edges higher amid the upbeat UK Gross Domestic Product (GDP) report and weaker US Retail Sales data. The US market will be closed on Monday in observance of President's Day.
US Retail Sales posted the biggest drop in nearly two years, dragging the Greenback lower. Retail Sales dropped 0.9% in January after an upwardly revised 0.7% increase in December, the Commerce Department's Census Bureau reported Friday. This figure came in weaker than the estimation of a 0.1% decline. On a yearly basis, Retail Sales increased 4.2% during the same reported period. Read more...
GBP/USD Weekly Outlook: Pound Sterling looks north ahead of UK employment, inflation test
The Pound Sterling (GBP) extended the recovery from 14-month troughs against the US Dollar (USD) as the GBP/USD pair reclaimed the 1.2500 threshold.
The primary catalyst behind the GBP/USD pair’s ongoing upswing was the sustained correction in the US Dollar across its major currency rivals. US President Donald Trump’s reciprocal tariffs plan and dovish US Federal Reserve (Fed) expectations exerted downside pressure on the Greenback, even though Fed Chairman, Jerome Powell, stuck to his hawkish rhetoric in his Congressional testimonies. Read more...
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