GBP/USD bounces off daily low, flat-lines below mid-1.2000s ahead of US data – by hareshmenghani GBPUSD Fed InterestRate BOE Currencies
Hawkish Fed expectations, elevated US bond yields underpin the USD and exert pressure.GBP/USD
pair meets with a fresh supply following an intraday uptick to the 1.2075 region and drops to a fresh daily low during the mid-European session. Spot prices manage to rebound from the vicinity of the 1.2000 psychological mark and now seem to have stabilized in neutral territory, just below the 1.2050 area.remains pinned near a multi-week high, which, in turn, is seen as a key factor exerting some downward pressure on the GBP/USD pair.
In fact, the markets are now pricing in at least a 25 bps lift-off at the next three FOMC policy meetings. This, in turn, assists the US Treasury bond yields to hold steady near the YTD peak and continues to underpin the Greenback. That said, a modest recovery in the global risk sentiment - as depicted by a generally positive tone around the equity markets - keeps a lid on the safe-haven buck.
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