The British Pound (GBP) is recovering some ground against the US Dollar (USD), though it remains below the 1.2200 figure capped by weaker UK economic
GBP/USD rebounds to 1.2170, despite the UK’s S&P Global Construction PMI plummeting to a concerning 45.0. US Dollar Index dips 0.30% to 106.45, influenced by a drop in US bond yields and mixed labor market data. GBP/USD remains bearishly biased, with key resistance and support levels in focus ahead of US Nonfarm Payrolls. data. A drop in US Treasury bond yields undermines the Greenback amidst a risk-off impulse. The GBP/USD is trading at around 1.2170s, after a bounce of daily lows of 1.
In the central bank sphere, UK Governor Andrew Bailey remains confident that inflation would fall towards the bank’s target. San Francisco Fed President Mary Daly said monetary policy is restrictive on the US front and adopted a more neutral stance. The UK economic docket will feature the Halifax House Price Index ahead of the weekend. Across the pond, the Nonfarm Payrolls report for September is widely expected to drop from August’s 187K to 170K, while the Unemployment rate is expected at 3.
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