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GBP/USD continues to show strength

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Continued tensions between the U.S. and the European Union pushed the EUR/USD pair below the 1.1150 handle. 


Despite seeing some positive movements on Thursday, the pair remains to struggle beneath 1.11. It was previously affected by the dynamics of the U.S. dollar price, which helped the EUR/USD to reach a 1-1/2-week high level of 1.1172. 


Upbeat U.S. economic releases boosted the USD, which was still seeking clarity of the phase one trade deal between Washington and Beijing. 


Consensus estimates accurately matched the retail sales recorded, marking a 0.3% growth, whereas core retail sales were added by 0.7%. Philly Fed Manufacturing Index gained, reaching 17 points for January – more than the predicted 3.8. 


Investors await UK retail sales as the GBP/USD pair trades around the 1.31 handle. The Cable underwent positive movements for the third consecutive session and reached the 1.3080 area. 


Amid speculations that the Bank of England will be cutting interest rates, the pair stayed strong and kept on to its move forward. 


The positive news showing a demand for the USD did not hinder the pair’s gains. The Cable now consolidates around weekly highs during Friday’s Asian session. UK monthly retail sales information for December are expected to have an effect on the pound and sentiment around it. 

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.