market news

The EUR/GBP has been in a steady decline over the past trading days and bears stepped out to take a breather.

August’s US Personal Consumption Expenditure Price Index (PCE), or PCEPI as the US Federal Reserve (Fed) refers to it, clocked in at an annualized rate of 2.2% YoY on September 27, the lowest print of the key inflation metric since March of 2021.

As reported by the Financial Times, citing sources with knowledge of the matter, Saudi Arabia intends to abandon its unofficial price target of $100 per barrel allowing it to increase oil production.

The Pound Sterling registered minuscule losses against the Greenback, yet it remains close to two-year peak levels on Friday.

AUD/USD breaks above its range highs and follows through to the upside on Friday.

Consumer confidence in the US improved in September, with the University of Michigan’s Consumer Sentiment Index edging higher to 70.1 from 66 in August.

EUR/GBP stalls in its pull back from the September 24 lows and resumes its downside bias.

GBP/JPY declines by almost one and a half percentage points to trade in the 191.50s on Friday after the news that former Japanese defense minister Shigeru Ishiba beat his opponent Sanae Takaichi to win the ruling-LDP party’s leadership race run-off.

OPEC published its long-term outlook for the oil market up to 2050 this week, Commerzbank’s commodity analyst Carsten Fritsch notes.

The Bank of England and the Fed were expected to cut rates slightly less than the ECB.