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  31. <title>USD mixed on trade concerns – Scotiabank</title>
  32. <link>https://forexdepo.com/usd-mixed-on-trade-concerns-scotiabank/</link>
  34. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  35. <pubDate>Sat, 05 Jul 2025 10:45:49 +0000</pubDate>
  36. <category><![CDATA[Forex News]]></category>
  37. <category><![CDATA[Concerns]]></category>
  38. <category><![CDATA[mixed]]></category>
  39. <category><![CDATA[Scotiabank]]></category>
  40. <category><![CDATA[trade]]></category>
  41. <category><![CDATA[USD]]></category>
  42. <guid isPermaLink="false">https://forexdepo.com/usd-mixed-on-trade-concerns-scotiabank/</guid>
  43.  
  44. <description><![CDATA[Markets are adopting a risk-off approach ahead of the weekend. The US Dollar (USD) is narrowly mixed against the core majors but the JPY and&#8230;]]></description>
  45. <content:encoded><![CDATA[<p></p>
  46. <div id="fxs_article_content">
  47. <p><span>Markets are adopting a risk-off approach ahead of the weekend. The US Dollar (USD) is narrowly mixed against the core majors but the JPY and CHF are outperforming on the day while high beta FX is tending to underperform, Scotiabank&#8217;s Chief FX Strategists Shaun Osborne and Eric Theoret report. </span></p>
  48. <h2 class="fxs_headline_from_medium_to_large"><span>USD steady to slightly softer overall </span></h2>
  49. <p><span>&#8220;Stocks are lower in Europe and US equity futures are weaker. European bonds are slightly firmer. Markets are less concerned about the impact of President Trump’s tax and spend bill that passed Congress yesterday than his comment that letters informing countries of the tariffs that will be imposed are going out today; they will range from 10-70%, according to the president. The tariffs will be effective August 1. Negotiations have made little progress and the president is moving on, it would seem. The uncertainty of who and how much adds to USD headwinds following yesterday’s data.&#8221;</span></p>
  50. <p><span>&#8220;The USD gained briefly in response to the better than consensus employment report but the rise failed to stick for the most part and the DXY retains a soft undertone overall. On the plus side for the USD, the recent data run as alleviated the poor stretch of data disappointments that sunk the US “surprise index” to its lowest since last September. The data report also torpedoed any chance of a July Fed rate cut. On the negative side, and somewhat predictably, the drumbeat of Fed criticism continued. Treasury Sec. Bessent commented that if the Fed doesn’t cut in July, the September rate cut might be bigger.&#8221; </span></p>
  51. <p><span>&#8220;He also remarked that the &#8216;dispersion&#8217; Fed projections was based on the nominees, suggesting the FOMC was taking a partisan approach to policy setting. There is no evidence of this but the remark supports the impression that the Trump administration could stack the Fed with people willing to implement the president’s view of rates and that may encourage foreign investors to continue to reflect on their exposure to USD assets. DXY drift from yesterday&#8217;s high is challenging minor support at 96.85, ahead of key support at 96.50. With much of the US unlikely to be participating today, a more decisive move in the index may have to wait until next week.&#8221;</span></p>
  52. </p></div>
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  54. ]]></content:encoded>
  58. <media:content url="https://editorial.fxsstatic.com/images/i/Public-Figures_Jerome-Powell_1_Large.jpg" medium="image"></media:content>
  59. </item>
  60. <item>
  61. <title>CAD trades marginally lower on softer risk appetite – Scotiabank</title>
  62. <link>https://forexdepo.com/cad-trades-marginally-lower-on-softer-risk-appetite-scotiabank/</link>
  64. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  65. <pubDate>Sat, 05 Jul 2025 10:32:48 +0000</pubDate>
  66. <category><![CDATA[Forex News]]></category>
  67. <category><![CDATA[Appetite]]></category>
  68. <category><![CDATA[CAD]]></category>
  69. <category><![CDATA[marginally]]></category>
  70. <category><![CDATA[Risk]]></category>
  71. <category><![CDATA[Scotiabank]]></category>
  72. <category><![CDATA[softer]]></category>
  73. <category><![CDATA[Trades]]></category>
  74. <guid isPermaLink="false">https://forexdepo.com/cad-trades-marginally-lower-on-softer-risk-appetite-scotiabank/</guid>
  75.  
  76. <description><![CDATA[The Canadian Dollar (CAD) has shed a little ground on the day but is trading more or less unchanged on the session, Scotiabank&#8217;s Chief FX&#8230;]]></description>
  77. <content:encoded><![CDATA[<p></p>
  78. <div id="fxs_article_content">
  79. <p><span>The Canadian Dollar (CAD) has shed a little ground on the day but is trading more or less unchanged on the session, Scotiabank&#8217;s Chief FX Strategists Shaun Osborne and Eric Theoret report. </span></p>
  80. <h2 class="fxs_headline_from_medium_to_large"><span>USD/CAD is stabilizing around the upper 1.35 zone</span></h2>
  81. <p><span>&#8220;US/Canada trade talks are progressing—as far as we know— towards an agreement later this month so, presumably, Canada will not be one of the countries getting a letter from President Trump. Finance Minister Champagne said he believes Canada is in position to work out a better deal than other countries because of the scale of the US/Canada trade relationship.&#8221;</span></p>
  82. <p><span>&#8220;Weaker risk sentiment is a headwind for the CAD, however, and is reflected in the slightly higher equilibrium estimate for USDCAD (1.3560) that our model reflects this morning. Canada releases (final) June S&amp;P Global Services and the Composite PMIs at 9.30ET.&#8221;</span></p>
  83. <p><span>&#8220;USD/CAD is stabilizing around the upper 1.35 zone. The broader downtrend in spot remains intact and trend momentum remains USD-bearish across a range timeframes. Those factors should mean limited upside potential in the USD (low/mid-1.36s) in the short run. Support remains 1.3540//50.&#8221;</span></p>
  84. </p></div>
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  86. ]]></content:encoded>
  90. <media:content url="https://editorial.fxsstatic.com/images/i/Canada_Large.png" medium="image"></media:content>
  91. </item>
  92. <item>
  93. <title>EUR well supported near high, ignoring data – Scotiabank</title>
  94. <link>https://forexdepo.com/eur-well-supported-near-high-ignoring-data-scotiabank/</link>
  96. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  97. <pubDate>Sat, 05 Jul 2025 10:21:01 +0000</pubDate>
  98. <category><![CDATA[Forex News]]></category>
  99. <category><![CDATA[Data]]></category>
  100. <category><![CDATA[EUR]]></category>
  101. <category><![CDATA[High]]></category>
  102. <category><![CDATA[ignoring]]></category>
  103. <category><![CDATA[Scotiabank]]></category>
  104. <category><![CDATA[supported]]></category>
  105. <guid isPermaLink="false">https://forexdepo.com/eur-well-supported-near-high-ignoring-data-scotiabank/</guid>
  106.  
  107. <description><![CDATA[The Euro (EUR) is up a modest 0.2% against the US Dollar (USD) and entering Friday’s NA session with renewed support as it climbs back&#8230;]]></description>
  108. <content:encoded><![CDATA[<p></p>
  109. <div id="fxs_article_content">
  110. <p><span>The Euro (EUR) is up a modest 0.2% against the US Dollar (USD) and entering Friday’s NA session with renewed support as it climbs back toward the upper end of this week’s range and pushes toward Tuesday’s fresh multi-year high, Scotiabank&#8217;s Chief FX Strategists Shaun Osborne and Eric Theoret report. </span></p>
  111. <h2 class="fxs_headline_from_medium_to_large"><span>ECB comments remain neutral</span></h2>
  112. <p><span>&#8220;Sentiment appears to be dominating as markets ignore soft euro area PPI and unexpectedly weak German factory orders data. Comments from ECB President Lagarde and GC Villeroy have leaned neutral, though the latter has added to the chorus of policymakers highlighting the disinflationary impact of EUR strength. The outlook for relative central bank policy remains supportive as we look to a neutral ECB and a dovish Fed.&#8221;</span></p>
  113. <p><span>&#8220;The trend is bullish but momentum is overbought and EUR may be due for a near-term pause. The near-term range is bound between support around 1.1720 and resistance above 1.1820.&#8221;</span></p>
  114. </p></div>
  115. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  116. ]]></content:encoded>
  120. <media:content url="https://editorial.fxsstatic.com/images/i/EURUSD-bullish-chart_Large.png" medium="image"></media:content>
  121. </item>
  122. <item>
  123. <title>XAU/USD trades sideways around $3,335, awaits clarity on tariff policy</title>
  124. <link>https://forexdepo.com/xau-usd-trades-sideways-around-3335-awaits-clarity-on-tariff-policy/</link>
  126. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  127. <pubDate>Sat, 05 Jul 2025 10:08:59 +0000</pubDate>
  128. <category><![CDATA[Forex News]]></category>
  129. <category><![CDATA[Awaits]]></category>
  130. <category><![CDATA[clarity]]></category>
  131. <category><![CDATA[Policy]]></category>
  132. <category><![CDATA[Sideways]]></category>
  133. <category><![CDATA[Tariff]]></category>
  134. <category><![CDATA[Trades]]></category>
  135. <category><![CDATA[XAUUSD]]></category>
  136. <guid isPermaLink="false">https://forexdepo.com/xau-usd-trades-sideways-around-3335-awaits-clarity-on-tariff-policy/</guid>
  137.  
  138. <description><![CDATA[Gold price oscillates inside Thursday’s trading range around $3,335, exhibits volatility compression. US President Trump is expected to announce a couple of trade deals before&#8230;]]></description>
  139. <content:encoded><![CDATA[<p></p>
  140. <div id="fxs_article_content">
  141. <ul class="">
  142. <li value="1" class=""><b><strong>Gold price oscillates inside Thursday’s trading range around $3,335, exhibits volatility compression.</strong></b></li>
  143. <li value="2" class=""><b><strong>US President Trump is expected to announce a couple of trade deals before the tariff deadline on July 9.</strong></b></li>
  144. <li value="3" class=""><b><strong>The clearance of Trump’s tax-cut bill has prompted US fiscal risks.</strong></b></li>
  145. </ul>
  146. <p><span>Gold price (XAU/USD) trades well inside Thursday’s trading range around $3,335 during European trading hours on Friday. The yellow metal struggles for direction as investors await clarity of how much United States (US) President Donald trump will impose tariffs on those of his trading partners, which failed to strike a bilateral deal in the 90-day pause period.</span></p>
  147. <p><span>US President Trump announced a 90-pause on the imposition of reciprocal tariffs a week after its announcement on April 2 to allow time to his trading partners to close a negotiated trade deal.</span></p>
  148. <p><span>So far, Washington has announced trade agreements with the United Kingdom (UK) and Vietnam and has secured a framework agreement with China. Earlier in the day, Trump expressed confidence that he will strike a deal with a couple of nations of which India seems to be the one. Trump stated this week that he expects to secure a deal with India before the tariff deadline on July 9.</span></p>
  149. <p><span>Earlier in the day, Trump stated that he will begin “sending letters on trade tariffs starting Friday”.</span></p>
  150. <p><span>Market experts believe that the imposition of reciprocal tariffs by the US on nations such as Japan, Eurozone, Canada, and Mexico, which are its key trading partners and have not secured a trade deal will de-stabilize the global trade war.</span></p>
  151. <p><span>Theoretically, heightened geopolitical tensions increase demand for safe-haven assets, such as Gold.</span></p>
  152. <p><span>Meanwhile, the green signal to Trump’s Big Beautiful Bill” from the House of Representatives has also increase safe-haven demand of the Gold price. Investors worry that Trump’s signature bill will increase already giant national debt by $3-3.5 trillion over a decade, potentially increasing fiscal risks.</span></p>
  153. <h2 class="fxs_headline_from_medium_to_large"><span>Gold technical analysis</span></h2>
  154. <p><span>Gold price trades close to the upward-sloping trendline of an Ascending Triangle formation on a daily timeframe, which is placed from the April 7 low of $2,957. The horizontal resistance of the above-mentioned chart pattern is plotted from the April 22 high around $3,500. Theoretically, a breakdown of the asset below the upward-sloping trendline results in a sharp downfall.</span></p>
  155. <p><span>The precious metal trades wobbles near the 20-day Exponential Moving Average (EMA) around $3,342, suggesting that the near-term trend is uncertain.</span></p>
  156. <p><span>The 14-day Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sideways trend.</span></p>
  157. <p><span>Looking up, the Gold price would enter in an unchartered territory after breaking above the psychological level of $3,500 decisively. Potential resistances would be $3,550 and $3,600.</span></p>
  158. <p><span>Alternatively, a downside move by the Gold price below the May 29 low of $3,245 would drag it towards the round-level support of $3,200, followed by the May 15 low at $3,121.</span></p>
  159. <h3 class="fxs_headline_medium"><span>Gold daily chart</span></h3>
  160. <p><span> </span></p>
  161. <p><img decoding="async" src="https://editorial.fxsstatic.com/miscelaneous/_XAU_USD_2025-07-04_17-37-03-1751631060630.png" alt="XAU USD 2025 07 04 17 37 03 1751631060630" loading="lazy" title="XAU/USD trades sideways around $3,335, awaits clarity on tariff policy 2"></p>
  162. <div class="post-module">
  163. <div id="content-module-faq-Commodities-gold-743" data-type="faq" data-module="faq" data-config-topic="gold" data-config-category="Commodities" data-version="v1" data-content-module-translate="0">
  164. <div class="fxs-faq-module-wrapper">
  165. <h2 class="fxs-faq-module-title">Gold FAQs</h2>
  166. <div class="fxs-faq-module-container">
  167.                <input type="checkbox" id="content-module-faq-Commodities-gold-743accordion0" checked="checked"/></p>
  168. <section class="fxs-faq-module-section">
  169. <p class="fxs-faq-module-content">Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.</p>
  170. </section>
  171. <p>                <input type="checkbox" id="content-module-faq-Commodities-gold-743accordion1"/></p>
  172. <section class="fxs-faq-module-section">
  173. <p class="fxs-faq-module-content">Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.</p>
  174. </section>
  175. <p>                <input type="checkbox" id="content-module-faq-Commodities-gold-743accordion2"/></p>
  176. <section class="fxs-faq-module-section">
  177. <p class="fxs-faq-module-content">Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.</p>
  178. </section>
  179. <p>                <input type="checkbox" id="content-module-faq-Commodities-gold-743accordion3"/></p>
  180. <section class="fxs-faq-module-section">
  181. <p class="fxs-faq-module-content">The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. </p>
  182. </section></div>
  183. </p></div>
  184. </div>
  185. </div>
  186. <p><span> </span></p>
  187. </p></div>
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  189. ]]></content:encoded>
  193. <media:content url="https://editorial.fxsstatic.com/images/i/Commodities_Gold-2_Large.jpg" medium="image"></media:content>
  194. </item>
  195. <item>
  196. <title>GBP is trading flat vs. USD – Scotiabank</title>
  197. <link>https://forexdepo.com/gbp-is-trading-flat-vs-usd-scotiabank/</link>
  199. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  200. <pubDate>Sat, 05 Jul 2025 09:57:47 +0000</pubDate>
  201. <category><![CDATA[Forex News]]></category>
  202. <category><![CDATA[flat]]></category>
  203. <category><![CDATA[GBP]]></category>
  204. <category><![CDATA[Scotiabank]]></category>
  205. <category><![CDATA[trading]]></category>
  206. <category><![CDATA[USD]]></category>
  207. <guid isPermaLink="false">https://forexdepo.com/gbp-is-trading-flat-vs-usd-scotiabank/</guid>
  208.  
  209. <description><![CDATA[The Pound Sterling (GBP) is quietly consolidating in a tight range and entering Friday’s NA session unchanged the against US Dollar (USD), Scotiabank&#8217;s Chief FX&#8230;]]></description>
  210. <content:encoded><![CDATA[<p></p>
  211. <div id="fxs_article_content">
  212. <p><span>The Pound Sterling (GBP) is quietly consolidating in a tight range and entering Friday’s NA session unchanged the against US Dollar (USD), Scotiabank&#8217;s Chief FX Strategists Shaun Osborne and Eric Theoret report. </span></p>
  213. <h2 class="fxs_headline_from_medium_to_large"><span>Outlook remains bullish despite this week’s political turmoil</span></h2>
  214. <p><span>&#8220;The outlook for GBP remains bullish, despite this week’s political turbulence, and markets have expressed relief and a renewed confidence in the UK’s fiscal situation following the government’s endorsement of Chancellor Reeves.&#8221; </span></p>
  215. <p><span>&#8220;Next week’s release calendar is heavy as we look to trade and industrial production data, which will inform discussions into the next BoE policy decision on August 7. Markets are pricing roughly 22bpts of easing for August and a cumulative 54bpts of cuts by year-end.&#8221; </span></p>
  216. <p><span>&#8220;The trend is bullish but momentum has softened and we note that the RSI continues to drift toward the neutral zone around 50. The 50 day MA (1.3474) remains an important level of medium-term support, and we look to a near-term trading range bound between 1.3600 support and 1.3780 resistance.&#8221;</span></p>
  217. </p></div>
  218. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  219. ]]></content:encoded>
  223. <media:content url="https://editorial.fxsstatic.com/images/i/BoE_Large.png" medium="image"></media:content>
  224. </item>
  225. <item>
  226. <title>JPY outperforming on risk aversion – Scotiabank</title>
  227. <link>https://forexdepo.com/jpy-outperforming-on-risk-aversion-scotiabank/</link>
  229. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  230. <pubDate>Sat, 05 Jul 2025 09:45:46 +0000</pubDate>
  231. <category><![CDATA[Forex News]]></category>
  232. <category><![CDATA[aversion]]></category>
  233. <category><![CDATA[JPY]]></category>
  234. <category><![CDATA[outperforming]]></category>
  235. <category><![CDATA[Risk]]></category>
  236. <category><![CDATA[Scotiabank]]></category>
  237. <guid isPermaLink="false">https://forexdepo.com/jpy-outperforming-on-risk-aversion-scotiabank/</guid>
  238.  
  239. <description><![CDATA[The Japanese Yen (JPY) is strong, up 0.4% against the US Dollar (USD) and outperforming all of the G10 currencies into Friday’s NA open, supported&#8230;]]></description>
  240. <content:encoded><![CDATA[<p></p>
  241. <div id="fxs_article_content">
  242. <p><span>The Japanese Yen (JPY) is strong, up 0.4% against the US Dollar (USD) and outperforming all of the G10 currencies into Friday’s NA open, supported by sentiment in an environment of mild risk aversion, Scotiabank&#8217;s Chief FX Strategists Shaun Osborne and Eric Theoret report. </span></p>
  243. <h2 class="fxs_headline_from_medium_to_large"><span>Markets eyeing US/Japan trade talks</span></h2>
  244. <p><span>&#8220;The domestic release calendar has been limited to stronger than expected household spending data, offering a positive end to a week that leaned toward disappointment (industrial production, housing starts, Tankan).&#8221; </span></p>
  245. <p><span>&#8220;The outlook for relative policy remains supportive, despite the slight moderation in the BoJ’s hawkish bias, as policymakers look to continue with rate hikes following a near-term pause in response to US/Japan trade talks.&#8221; </span></p>
  246. <p><span>&#8220;US Treasury Secretary Bessent has highlighted Japan’s upper house elections (July 20) as a domestic constraint and an impediment to the conclusion of talks. For USD/JPY, technicals are neutral with an RSI offering no momentum as it hovers around 50. The range remains bound between 142.50 support and 148 resistance.&#8221;</span></p>
  247. </p></div>
  248. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  249. ]]></content:encoded>
  253. <media:content url="https://editorial.fxsstatic.com/images/i/JPY-neutral-object-1_Large.png" medium="image"></media:content>
  254. </item>
  255. <item>
  256. <title>Pound Sterling weakens as Chancellor Reeves&#8217; welfare bill unleashes fiscal risks</title>
  257. <link>https://forexdepo.com/pound-sterling-weakens-as-chancellor-reeves-welfare-bill-unleashes-fiscal-risks/</link>
  259. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  260. <pubDate>Sat, 05 Jul 2025 09:33:52 +0000</pubDate>
  261. <category><![CDATA[Forex News]]></category>
  262. <category><![CDATA[bill]]></category>
  263. <category><![CDATA[Chancellor]]></category>
  264. <category><![CDATA[fiscal]]></category>
  265. <category><![CDATA[Pound]]></category>
  266. <category><![CDATA[Reeves]]></category>
  267. <category><![CDATA[Risks]]></category>
  268. <category><![CDATA[Sterling]]></category>
  269. <category><![CDATA[unleashes]]></category>
  270. <category><![CDATA[Weakens]]></category>
  271. <category><![CDATA[welfare]]></category>
  272. <guid isPermaLink="false">https://forexdepo.com/pound-sterling-weakens-as-chancellor-reeves-welfare-bill-unleashes-fiscal-risks/</guid>
  273.  
  274. <description><![CDATA[The Pound Sterling drops even as UK Chancellor Reeves rules out speculation that she is stepping down. UK’s new welfare bill is expected to lead&#8230;]]></description>
  275. <content:encoded><![CDATA[<p></p>
  276. <div id="fxs_article_content">
  277. <ul class="">
  278. <li value="1" class=""><b><strong>The Pound Sterling drops even as UK Chancellor Reeves rules out speculation that she is stepping down.</strong></b></li>
  279. <li value="2" class=""><b><strong>UK’s new welfare bill is expected to lead to an increase in taxes or spending cuts.</strong></b></li>
  280. <li value="3" class=""><b><strong>The US Dollar underperforms as Trump’s tariff deadline expires on July 9.</strong></b></li>
  281. </ul>
  282. <p><span>The </span><span>Pound Sterling</span><span> (GBP) faces selling pressure against its peers on Friday despite United Kingdom (UK) Chancellor of the Exchequer Rachel Reeves committing to remain in her role till the next elections.</span></p>
  283. <p><span>On Thursday, Reeves confirmed while speaking to reporters that she will remain in office despite fiscal headwinds, till her term. The same day, a spokesperson also confirmed on behalf of UK Prime Minister Keir Starmer that “She [Reeves] is going nowhere”.</span></p>
  284. <p><span>The speculation of Chancellor Reeves&#8217; stepping down stemmed after she was seen in tears at the House of Commons earlier this week, while revealing the new welfare bill. However, Reeves clarified that she was upset due to some personal reasons.</span></p>
  285. <p><span>Chancellor Reeves announced an increase in the standard allowance for Universal Credit (UC) in the new welfare bill, a move that has raised questions over the credibility of her self-imposed fiscal rules.</span></p>
  286. <p><span>Investors worry that new adjustment in the welfae scheme will increase fiscal risks for the UK economy. To offset the cost of the same, she would need to cut spending or raise taxes. “Of course, there is a cost to the welfare changes that Parliament voted through this week and that will be reflected in the Budget,&#8221; Reeves said, BBC reported.</span></p>
  287. <p><span>In the last Autumn Budget, Reeves promised not to borrow to fund day-to-day public spending; and to get debt falling as a share of the UK economic output by 2029/30. New welfare reforms are expected to wipe out governments’ plans to save £5.5 billion by 2029-30, according to data from UK Institute for Fiscal Studies (IFS).</span></p>
  288. <div class="post-module">
  289. <div id="content-module-currencyprices-GBP-981" data-type="currencyprices" data-module="currencyprices" data-config-topic="GBP" data-config-asset="GBP" data-config-criteria="Weakest" data-config-period="ThisWeek" data-config-currencies="USD,EUR,GBP,JPY,CAD,AUD,NZD,CHF" data-config-quotes="1.172985:1.176605,1.371:1.364335,1.168395:1.159535,0.006927:0.006925,0.005906:0.005885,0.005045:0.005076,0.730275:0.735635,0.62252:0.625205,0.5328:0.53918,105.419:106.231,0.653635:0.655475,0.557115:0.557095,0.47683:0.480445,94.405:94.656,0.894575:0.89098,0.60529:0.60604,0.516065:0.515055,0.441615:0.444205,87.4175:87.5145,0.82885:0.823825,0.92616:0.92455,1.25209:1.25898,1.06734:1.070011,0.91349:0.9228,180.839:181.81,1.71455:1.71146,1.915785:1.920715,2.06859:2.07745" data-version="v1" data-content-module-translate="0" class="fxs-major-currency-prices-wrapper">
  290. <h2 class="fxs-major-currency-prices-title">British Pound PRICE This week</h2>
  291. <p class="fxs-major-currency-prices-content">The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the weakest against the Canadian Dollar.</p>
  292. <table class="fxs-major-currency-prices-currency-prices-table" border="1">
  293. <thead>
  294. <tr>
  295. <th/>
  296. <th>USD</th>
  297. <th>EUR</th>
  298. <th>GBP</th>
  299. <th>JPY</th>
  300. <th>CAD</th>
  301. <th>AUD</th>
  302. <th>NZD</th>
  303. <th>CHF</th>
  304. </tr>
  305. </thead>
  306. <tbody>
  307. <tr class="fxs-major-currency-prices-currency-price">
  308. <th>USD</th>
  309. <td/>
  310. <td class="light-red">-0.31%</td>
  311. <td class="light-green">0.49%</td>
  312. <td class="light-green">0.03%</td>
  313. <td class="light-red">-0.73%</td>
  314. <td class="light-red">-0.28%</td>
  315. <td class="light-red">-0.12%</td>
  316. <td class="light-red">-0.55%</td>
  317. </tr>
  318. <tr class="fxs-major-currency-prices-currency-price">
  319. <th>EUR</th>
  320. <td class="light-green">0.31%</td>
  321. <td/>
  322. <td class="light-green">0.76%</td>
  323. <td class="light-green">0.36%</td>
  324. <td class="light-red">-0.43%</td>
  325. <td class="gray">0.00%</td>
  326. <td class="light-green">0.20%</td>
  327. <td class="light-red">-0.25%</td>
  328. </tr>
  329. <tr class="fxs-major-currency-prices-currency-price">
  330. <th>GBP</th>
  331. <td class="light-red">-0.49%</td>
  332. <td class="light-red">-0.76%</td>
  333. <td/>
  334. <td class="light-red">-0.61%</td>
  335. <td class="strong-red">-1.18%</td>
  336. <td class="light-red">-0.75%</td>
  337. <td class="light-red">-0.58%</td>
  338. <td class="strong-red">-1.01%</td>
  339. </tr>
  340. <tr class="fxs-major-currency-prices-currency-price">
  341. <th>JPY</th>
  342. <td class="light-red">-0.03%</td>
  343. <td class="light-red">-0.36%</td>
  344. <td class="light-green">0.61%</td>
  345. <td/>
  346. <td class="light-red">-0.76%</td>
  347. <td class="light-red">-0.27%</td>
  348. <td class="light-red">-0.11%</td>
  349. <td class="light-red">-0.53%</td>
  350. </tr>
  351. <tr class="fxs-major-currency-prices-currency-price">
  352. <th>CAD</th>
  353. <td class="light-green">0.73%</td>
  354. <td class="light-green">0.43%</td>
  355. <td class="dark-green">1.18%</td>
  356. <td class="light-green">0.76%</td>
  357. <td/>
  358. <td class="light-green">0.40%</td>
  359. <td class="light-green">0.61%</td>
  360. <td class="light-green">0.18%</td>
  361. </tr>
  362. <tr class="fxs-major-currency-prices-currency-price">
  363. <th>AUD</th>
  364. <td class="light-green">0.28%</td>
  365. <td class="light-red">-0.00%</td>
  366. <td class="light-green">0.75%</td>
  367. <td class="light-green">0.27%</td>
  368. <td class="light-red">-0.40%</td>
  369. <td/>
  370. <td class="light-green">0.17%</td>
  371. <td class="light-red">-0.26%</td>
  372. </tr>
  373. <tr class="fxs-major-currency-prices-currency-price">
  374. <th>NZD</th>
  375. <td class="light-green">0.12%</td>
  376. <td class="light-red">-0.20%</td>
  377. <td class="light-green">0.58%</td>
  378. <td class="light-green">0.11%</td>
  379. <td class="light-red">-0.61%</td>
  380. <td class="light-red">-0.17%</td>
  381. <td/>
  382. <td class="light-red">-0.43%</td>
  383. </tr>
  384. <tr class="fxs-major-currency-prices-currency-price">
  385. <th>CHF</th>
  386. <td class="light-green">0.55%</td>
  387. <td class="light-green">0.25%</td>
  388. <td class="dark-green">1.01%</td>
  389. <td class="light-green">0.53%</td>
  390. <td class="light-red">-0.18%</td>
  391. <td class="light-green">0.26%</td>
  392. <td class="light-green">0.43%</td>
  393. <td/>
  394.            </tr>
  395. </tbody>
  396. </table>
  397. <p class="fxs-major-currency-prices-currency-prices-legend">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).</p>
  398. </div>
  399. </div>
  400. <h2 class="fxs_headline_from_medium_to_large"><span>Pound Sterling falls against US Dollar despite uncertainty surrounding US tariff policy</span></h2>
  401. <ul class="">
  402. <li value="1" class=""><span>The Pound Sterling ticks down to near 1.3640 against the US Dollar (USD) on Friday, in a holiday mood due to Independence Day in the United States (US). The GBP/USD pair edges lower evem as the US Dollar underperforms its peers, with the July 9 tariff deadline looming large. The US Dollar Index (DXY) slides below 97.00 at the time of writing in the European session.</span></li>
  403. <li value="2" class=""><span>The US Dollar underperforms as US President Donald Trump stated that he will send letters to those nations with whom a trade agreement has not been finalized, outlining tariff rates. So far, Washington has announced trade agreements with the UK and Vietnam, and a framework with China. Trump has also expressed confidence that he will strike a deal with India before the tariff deadline.</span></li>
  404. <li value="3" class=""><span>The imposition of reciprocal tariffs by the US on its major trading partners, such as the Eurozone, Japan, Canada and Mexico, will dampen global trade stability.</span></li>
  405. <li value="4" class=""><span>Meanwhile, the clearance for imposing Trump’s “Big Beautiful Bill” after it was narrowly approved by the Republican-controlled House of Representatives has increased US fiscal risks. Market experts believe that his signature bill will increase the national debt by $3–3.4 trillion over the next decade. Such scenario will increase interest obligations for the administration and will be inflationary for the economy.</span></li>
  406. <li value="5" class=""><span>Another reason behind US Dollar weakness is slowing private sector hiring. The US Nonfarm Payrolls (NFP) report showed on Thursday that strong public sector hiring contributed significantly to robust employment data. Overall, workers added in June were 147K, of which 74K were private employees and others from the government.</span></li>
  407. <li value="6" class=""><span>Private sector hiring was almost half of 137K recorded in May and way below if compared to the three-month average of 115K, pointing to hesitancy amid uncertainty surrounding the tariff policy.</span></li>
  408. <li value="7" class=""><span>Soft hiring by private employers will likely force Federal Reserve (Fed) officials to consider interest rate cuts sooner.</span></li>
  409. </ul>
  410. <h2 class="fxs_headline_from_medium_to_large"><span>Technical Analysis: Pound Sterling aims to hold 1.3600</span></h2>
  411. <p><img decoding="async" src="https://editorial.fxsstatic.com/miscelaneous/_GBP_USD_2025-07-04_12-24-35-1751612531439.png" alt="GBP USD 2025 07 04 12 24 35 1751612531439" loading="lazy" title="Pound Sterling weakens as Chancellor Reeves&#039; welfare bill unleashes fiscal risks 4"></p>
  412. <p><span>The Pound Sterling trades slightly higher, near 1.3675 against the US Dollar on Friday. The 20-day Exponential Moving Average (EMA) close to 1.3600 continues to act as a major support zone for the GBP/USD pair.</span></p>
  413. <p><span>The 14-day Relative Strength Index (RSI) falls below 60, suggesting that the bullish momentum has faded. However, the bullish bias is still intact.</span></p>
  414. <p><span>Looking down, the psychological level of 1.3500 will act as a key support zone. On the upside, the three-and-a-half-year high around 1.3800 will act as a key barrier.</span></p>
  415. <div class="post-module">
  416. <div id="content-module-faq-Forex-gbp-40" data-type="faq" data-module="faq" data-config-topic="gbp" data-config-category="Forex" data-version="v1" data-content-module-translate="0">
  417. <div class="fxs-faq-module-wrapper">
  418. <h2 class="fxs-faq-module-title">Pound Sterling FAQs</h2>
  419. <div class="fxs-faq-module-container">
  420.                <input type="checkbox" id="content-module-faq-Forex-gbp-40accordion0" checked="checked"/></p>
  421. <section class="fxs-faq-module-section">
  422. <p class="fxs-faq-module-content">The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data.<br />
  423. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).</p>
  424. </section>
  425. <p>                <input type="checkbox" id="content-module-faq-Forex-gbp-40accordion1"/></p>
  426. <section class="fxs-faq-module-section">
  427. <p class="fxs-faq-module-content">The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.<br />
  428. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money.<br />
  429. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.</p>
  430. </section>
  431. <p>                <input type="checkbox" id="content-module-faq-Forex-gbp-40accordion2"/></p>
  432. <section class="fxs-faq-module-section">
  433. <p class="fxs-faq-module-content">Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP.<br />
  434. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.</p>
  435. </section>
  436. <p>                <input type="checkbox" id="content-module-faq-Forex-gbp-40accordion3"/></p>
  437. <section class="fxs-faq-module-section">
  438. <p class="fxs-faq-module-content">Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.<br />
  439. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.</p>
  440. </section></div>
  441. </p></div>
  442. </div>
  443. </div></div>
  444. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  445. ]]></content:encoded>
  449. <media:content url="https://editorial.fxsstatic.com/images/i/GBP-bearish-object_Large.png" medium="image"></media:content>
  450. </item>
  451. <item>
  452. <title>Riot Platforms, Inc. (RIOT) Elliott Wave technical analysis [Video]</title>
  453. <link>https://forexdepo.com/riot-platforms-inc-riot-elliott-wave-technical-analysis-video/</link>
  455. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  456. <pubDate>Sat, 05 Jul 2025 09:21:32 +0000</pubDate>
  457. <category><![CDATA[Forex News]]></category>
  458. <category><![CDATA[Analysis]]></category>
  459. <category><![CDATA[Elliott]]></category>
  460. <category><![CDATA[Platforms]]></category>
  461. <category><![CDATA[Riot]]></category>
  462. <category><![CDATA[technical]]></category>
  463. <category><![CDATA[Video]]></category>
  464. <category><![CDATA[Wave]]></category>
  465. <guid isPermaLink="false">https://forexdepo.com/riot-platforms-inc-riot-elliott-wave-technical-analysis-video/</guid>
  466.  
  467. <description><![CDATA[Riot Platforms, Inc. (RIOT) – Elliott Wave analysis – Daily chart Technical analysis overview – Trading lounge Function: Trend. Mode: Impulsive. Structure: Impulsive. Position: Wave&#8230;]]></description>
  468. <content:encoded><![CDATA[<p></p>
  469. <div id="fxs_article_content">
  470. <h2 class="fxs_headline_medium" dir="ltr">Riot Platforms, Inc. (RIOT) – Elliott Wave analysis – Daily chart</h2>
  471. <h3 class="fxs_headline_medium" dir="ltr">Technical analysis overview – Trading lounge</h3>
  472. <ul>
  473. <li value="1">
  474. <p><b><strong>Function</strong></b>: Trend.</p>
  475. </li>
  476. <li value="2">
  477. <p><b><strong>Mode</strong></b>: Impulsive.</p>
  478. </li>
  479. <li value="3">
  480. <p><b><strong>Structure</strong></b>: Impulsive.</p>
  481. </li>
  482. <li value="4">
  483. <p><b><strong>Position</strong></b>: Wave {iii} of 3.</p>
  484. </li>
  485. <li value="5">
  486. <p><b><strong>Direction</strong></b>: Upward movement toward Wave {iii}.</p>
  487. </li>
  488. <li value="6">
  489. <p><b><strong>Details</strong></b>: Expecting a strong rally as Wave {iii} of 3 advances.</p>
  490. </li>
  491. </ul>
  492. <p><img decoding="async" alt="Charr" loading="lazy" src="https://editorial.fxsstatic.com/miscelaneous/1000452979-1751630218102.png" title="Riot Platforms, Inc. (RIOT) Elliott Wave technical analysis [Video] 7"></p>
  493. <p dir="ltr">On the <b><strong>daily chart</strong></b>, Riot Platforms, Inc. (RIOT) is maintaining an upward trajectory, advancing in <b><strong>Wave {iii}</strong></b> of the third wave. A sharp rally is anticipated, potentially breaching prior resistance levels. Given that Wave {iii} is often the most extended in an impulsive sequence, a target near <b><strong>161.8% of Wave {i}</strong></b> is likely. This setup presents a favorable short-term bullish opportunity within the current trend structure.</p>
  494. <h2 class="fxs_headline_medium">Riot Platforms, Inc. (RIOT) – Elliott Wave analysis – Weekly chart</h2>
  495. <ul>
  496. <li value="1">
  497. <p><b><strong>Function</strong></b>: Trend.</p>
  498. </li>
  499. <li value="2">
  500. <p><b><strong>Mode</strong></b>: Corrective.</p>
  501. </li>
  502. <li value="3">
  503. <p><b><strong>Structure</strong></b>: Impulsive.</p>
  504. </li>
  505. <li value="4">
  506. <p><b><strong>Position</strong></b>: Wave 3 of (C).</p>
  507. </li>
  508. <li value="5">
  509. <p><b><strong>Direction</strong></b>: Upward move toward Wave 3.</p>
  510. </li>
  511. <li value="6">
  512. <p><b><strong>Details</strong></b>: Following a breakout from the parallel channel, the stock targets Wave 3 of (C).</p>
  513. </li>
  514. </ul>
  515. <p><img decoding="async" alt="Chart" loading="lazy" src="https://editorial.fxsstatic.com/miscelaneous/1000452980-1751630195279.png" title="Riot Platforms, Inc. (RIOT) Elliott Wave technical analysis [Video] 8"></p>
  516. <p dir="ltr">On the <b><strong>weekly timeframe</strong></b>, Riot Platforms, Inc. (RIOT) is developing within a broader <b><strong>corrective pattern</strong></b>. The current move is progressing toward <b><strong>Wave 3 of (C)</strong></b>. After breaking above the parallel channel, the price has reached the <b><strong>100% projection of Wave (A)</strong></b>, a significant resistance area. This level may trigger a temporary top or consolidation. While the larger trend remains upward, traders should monitor key resistance zones for possible pullbacks before the next impulsive move.</p>
  517. <h2 class="fxs_headline_medium" dir="ltr">Riot Platforms, Inc. (RIOT) Elliott Wave technical analysis [Video]</h2>
  518. <div class="youtube_cke fxs_external">
  519. <p><iframe title="RIOT PLATFORMS, INC. (RIOT) U.S. Stocks Elliott Wave Technical Analysis By Tradinglounge" width="843" height="474" src="https://www.youtube.com/embed/HntPD8qY9gE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
  520. </div></div>
  521. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  522. ]]></content:encoded>
  526. <media:content url="https://editorial.fxsstatic.com/images/i/supermicro-02_Large.jpg" medium="image"></media:content>
  527. </item>
  528. <item>
  529. <title>GBP/USD buyers hesitate after modest recovery</title>
  530. <link>https://forexdepo.com/gbp-usd-buyers-hesitate-after-modest-recovery/</link>
  532. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  533. <pubDate>Sat, 05 Jul 2025 09:07:53 +0000</pubDate>
  534. <category><![CDATA[Forex News]]></category>
  535. <category><![CDATA[Buyers]]></category>
  536. <category><![CDATA[GBPUSD]]></category>
  537. <category><![CDATA[hesitate]]></category>
  538. <category><![CDATA[modest]]></category>
  539. <category><![CDATA[Recovery]]></category>
  540. <guid isPermaLink="false">https://forexdepo.com/gbp-usd-buyers-hesitate-after-modest-recovery/</guid>
  541.  
  542. <description><![CDATA[GBP/USD Forecast: Pound Sterling buyers hesitate after modest recovery Following the sharp decline seen on Wednesday, GBP/USD found support on Thursday and closed the day&#8230;]]></description>
  543. <content:encoded><![CDATA[<p></p>
  544. <div id="fxs_article_content">
  545. <h2 class="fxs_headline_from_medium_to_large"><span>GBP/USD Forecast: Pound Sterling buyers hesitate after modest recovery</span></h2>
  546. <p><b><strong>Following the sharp decline seen on Wednesday, GBP/USD found support on Thursday and closed the day marginally higher.</strong></b><span> The pair, however, struggles to extend its rebound and trades in a narrow band at around 1.3650 in the European session on Friday.</span></p>
  547. <p><span>Easing geopolitical concerns in the UK helped Pound Sterling hold its ground early Thursday after British Prime Minister Keir Starmer reassured that finance minister Rachel Reeves will remain in her position. </span><span>Read more&#8230;</span></p>
  548. <p><img decoding="async" src="https://editorial.fxsstatic.com/miscelaneous/GBPUSD-1751633214973.png" alt="GBPUSD 1751633214973" loading="lazy" title="GBP/USD buyers hesitate after modest recovery 11"></p>
  549. <h2 class="fxs_headline_from_medium_to_large"><span>British Pound retreats after recent rally</span></h2>
  550. <p><b><strong>The GBP/USD pair is undergoing a correction, moving towards 1.3377 on Friday, marking its lowest level since 23 June this year</strong></b><span>. The pound came under renewed pressure after the release of a strong US employment report, which boosted demand for the US dollar.</span></p>
  551. <p><span>Earlier in the session, the pound received support from Prime Minister Keir Starmer’s announcement confirming that Chancellor Rachel Reeves would remain in office for the foreseeable future. This eased fears of changes to economic policy and reduced concerns about increased fiscal stimulus through further borrowing. </span><span>Read more&#8230;</span></p>
  552. <p><img decoding="async" src="https://editorial.fxsstatic.com/miscelaneous/GBPUSDH4--1751633325839.png" alt="GBPUSDH4 1751633325839" loading="lazy" title="GBP/USD buyers hesitate after modest recovery 12"></p></div>
  553. <p><b><a href="https://portal.forexdepo.com/signup">REGISTER NOW with Forexdepo</a></b></p>
  554. ]]></content:encoded>
  558. <media:content url="https://editorial.fxsstatic.com/images/i/GBPUSD_Large.png" medium="image"></media:content>
  559. </item>
  560. <item>
  561. <title>EUR/GBP gains as Pound pressured by UK fiscal worries</title>
  562. <link>https://forexdepo.com/eur-gbp-gains-as-pound-pressured-by-uk-fiscal-worries/</link>
  564. <dc:creator><![CDATA[ForexDepo Team]]></dc:creator>
  565. <pubDate>Sat, 05 Jul 2025 08:56:13 +0000</pubDate>
  566. <category><![CDATA[Forex News]]></category>
  567. <category><![CDATA[EURGBP]]></category>
  568. <category><![CDATA[fiscal]]></category>
  569. <category><![CDATA[gains]]></category>
  570. <category><![CDATA[Pound]]></category>
  571. <category><![CDATA[pressured]]></category>
  572. <category><![CDATA[worries]]></category>
  573. <guid isPermaLink="false">https://forexdepo.com/eur-gbp-gains-as-pound-pressured-by-uk-fiscal-worries/</guid>
  574.  
  575. <description><![CDATA[The Euro strengthens against the British Pound on Friday, supported by broad-based Sterling weakness. UK fiscal concerns intensify after the welfare reform bill passes with&#8230;]]></description>
  576. <content:encoded><![CDATA[<p></p>
  577. <div id="fxs_article_content">
  578. <ul class="">
  579. <li value="1" class=""><b><strong>The Euro strengthens against the British Pound on Friday, supported by broad-based Sterling weakness.</strong></b></li>
  580. <li value="2" class=""><b><strong>UK fiscal concerns intensify after the welfare reform bill passes with reduced cost-saving measures.</strong></b></li>
  581. <li value="3" class=""><b><strong>Eurozone PPI fell 0.6% MoM in May, easing price pressures and aligning with ECB’s cautious stance.</strong></b></li>
  582. </ul>
  583. <p><span>The Euro (EUR) strengthens against the British Pound (GBP) on Friday, as the Pound remains under pressure amid renewed fiscal concerns and political unease in the United Kingdom. Investors grew cautious after the UK government’s welfare reform package, approved with reduced cost-saving measures, reignited worries over the country’s fiscal credibility.</span></p>
  584. <p><span>The EUR/GBP cross is ticking higher during the American trading hours, hovering near 0.8630 at the time of writing, underpinned by today’s broad-based weakness in the British Pound. The pair is paring some of the previous day’s losses and looks set to close the week in positive territory.</span></p>
  585. <p><span>European Central Bank (ECB) President Christine Lagarde struck a confident yet cautious tone in her speech on Thursday, reaffirming the central bank’s strong commitment to its 2% inflation target. Lagarde said the ECB’s current interest rate path is “in a good position” following the recent rate cut, but emphasized that the Governing Council remains data-dependent and ready to act if inflation becomes more volatile. Her comments reinforced the ECB’s medium-term strategy, while also acknowledging that persistent global uncertainty could complicate the inflation outlook going forward.</span></p>
  586. <p><span>While the Euro finds policy-driven support, the British Pound continues to face headwinds from renewed concerns over the UK’s fiscal outlook. Reuters reported that the welfare reform bill passed on Tuesday, but with significantly reduced cost-saving measures well below the initially projected £5 billion ($6.83 billion) in savings. This shortfall has sparked fresh concerns that the government may be forced to raise taxes or impose cuts elsewhere to meet fiscal targets.</span></p>
  587. <p><span>S&amp;P Global echoed these concerns, warning that the government’s failure to implement even modest welfare reductions reflects its “limited budgetary room for maneuver.” </span></p>
  588. <p><span>On the data front, the latest figures showed a further easing in producer price inflation across the Eurozone. The Producer Price Index (PPI) declined by 0.6% on a monthly basis in May, following a sharper 2.2% drop in April and slightly exceeding market expectations of a 0.5% decrease. On an annual basis, industrial producer price inflation slowed to 0.3% in May, down from 0.7% in the previous month, broadly in line with forecasts.</span></p>
  589. <p><span>Looking ahead, market attention is shifting to Bank of England “external member” Alan Taylor, who is scheduled to speak later today at 14:00 GMT. Taylor has previously signaled growing concern over the UK’s economic outlook, warning that the expected “soft landing” is increasingly under threat and calling for perhaps five rate cuts in 2025, one more than markets had priced in, citing weakening demand and global trade pressures. Investors will be closely tuning in for any fresh cues, particularly around his economic outlook and rate-cut guidance.</span></p>
  590. </p></div>
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  592. ]]></content:encoded>
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