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9 Jan 2025
GBP/USD faces downward pressure due to UK fiscal concerns
- GBP/USD dips by 0.49% despite inactive US markets, influenced by record high UK bond yields and fiscal worries.
- US labor market shows resilience with a significant decrease in layoffs, according to the Challenger Jobs Report.
- Fed officials signal cautious stance on rate cuts, with future decisions hinged on upcoming economic data.
The Pound Sterling depreciated against the Greenback on Thursday, even though the financial markets remained closed due to former US President Jimmy Carter's funeral. The GBP(SD traded volatile during the session and exchanged hands at 1.2300, down by 0.49%.
UK Gilt yields rose to its highest level since 1998, Cable tumbles
Cable remains battered after UK bond yields rose to their highest level in 16 years as confidence in Britain’s fiscal outlook deteriorated. The 10-year Gilt yield soared to 4.925%, before ending at around 4.795%.
Usually, a higher yield in the UK would boost the Sterling, nevertheless, once the relationship has broken, reflects investors worries about the country's finances. The yield in the 30-year Gilt soared above 5.3%, its highest since 1998.
In the US, the US Challenger Jobs report for December revealed that employers lay off 38,792 fewer people than in November’s 57,727. Hence, the US labor market continues to fare better than expected.
In the meantime, Federal Reserve speakers crossed the wires. Boston Fed Susan Collins said she favors fewer cuts than before and added she’s less concerned about the labor market. Meanwhile, Philadelphia Fed Patrick Harker said the US central bank is still on the rate-cut path, and future movements would be data-dependent.
The British economic docket will remain absent this week. Across the pond, US Nonfarm Payrolls figures for December are foreseen at 160K, down from 227K. Furthermore, the University of Michigan will reveal the US Consumer Sentiment for the same period.
GBP/USD Price Forecast: Technical outlook
The GBP/USD has carved a successive series of lower highs and lower lows, an indication that the downtrend remains intact. Earlier, the pair dipped to a 13-month low of 1.2237 but bounced off that level to around the 1.2290 area. A daily close below 1.2300 will exacerbate further downside, with the following key support at 1.2200.
Conversely, if bulls step in and push the exchange rate above 1.2351, a recovery toward 1.2350 and 1.2400 is seen.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.18% | 0.50% | -0.27% | 0.10% | 0.35% | 0.26% | 0.08% | |
| EUR | -0.18% | 0.31% | -0.42% | -0.08% | 0.17% | 0.08% | -0.10% | |
| GBP | -0.50% | -0.31% | -0.76% | -0.41% | -0.15% | -0.23% | -0.38% | |
| JPY | 0.27% | 0.42% | 0.76% | 0.33% | 0.61% | 0.48% | 0.36% | |
| CAD | -0.10% | 0.08% | 0.41% | -0.33% | 0.26% | 0.16% | 0.01% | |
| AUD | -0.35% | -0.17% | 0.15% | -0.61% | -0.26% | -0.09% | -0.24% | |
| NZD | -0.26% | -0.08% | 0.23% | -0.48% | -0.16% | 0.09% | -0.15% | |
| CHF | -0.08% | 0.10% | 0.38% | -0.36% | -0.01% | 0.24% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).