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GBP/USD hits a fresh monthly high as US dollar softens

ING expects China’s July activity to stay sluggish and says Loan Prime Rates are likely unchanged, a backdrop traders are weighing alongside weaker US retail data.

Reported · Written up by our desk · Major Pairs

GBP/USD climbed to its highest level in a month, trading around 1.3550 and pressing to a fresh monthly high during the American session as the US dollar stayed under pressure.

ING’s Lynn Song expects China’s July data to show continued sluggish momentum, with retail sales weak at 1.7% year-on-year, fixed asset investment still contracting, and industrial production relatively firm, while Loan Prime Rates are expected to remain unchanged.

FXStreet also linked broader dollar weakness to disappointing US retail sales and other consumer indicators, which have contributed to markets scaling back expectations for a September Fed rate hike.

EUR/USD gained bullish momentum as well, pushing above 1.1550, while gold rebounded toward $4,400 supported by the softer dollar and fading expectations of an imminent rate hike.

Latest closeGold $4,432.00 ▲1.6%|EUR/USD 1.157 ▲0.4%|GBP/USD 1.354 ▲0.3%

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