GBP/USD fluctuates around 1.2320 after weak US economic data, ahead of the Fed’s meeting – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis
release. The ADP National Employment Change report reports private hiring increased by 106K last month, below the 178K foreseen. Of late, the S&P Global Manufacturing PMI for January rose by 46.9 above 46.8 estimates, indicating that factory activity is beginning to improve, though at a slower pace.
A later report by the Institute for Supply Management revealed that the PMI for January sank further, dropping to 47.4 from 48.4 in December for the third consecutive month and pushing the index to its lowest level since May 2020. At the same time, the JOLTs report showed that openings rose to 11.01 M in December, above estimates of 10.25 M.
Even though most of the US data released was worse than expected, the GBP/USD could not gain traction to test the daily high of 1.2345. Across the pond, the UK economic docket presented the S&P Global/CIPS Manufacturing PMI for January, surprisingly above estimates of 46.7, came at 47 but remained at contractionary territory for a sixth consecutive month. The positive news of the report was that costs are slowing and supply chain pressures are easing.
In Brexit news, sources reported that the EU has reportedly accepted a UK customs proposal allowing goods to flow unchecked from Great Britain to Northern Ireland, while goods set for export into the Republic of Ireland would undergo checks in Northern Irish ports. There had been reports that both sides wanted a deal before April 25. It should be noted that despiteis expected to raise rates on Thursday by 50 bps at its first monetary policy meeting of 2023.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD bears attack 1.2350 as US Dollar traces firmer yields with amid cautious moodGBP/USD bears attack 1.2350 as US Dollar traces firmer yields with amid cautious mood – by anilpanchal7 GBPUSD RiskAppetite Inflation CentralBanks Currencies
Read more »
GBP/USD Price Analysis: Slips to fresh lows of the day at around the 1.2360 areaGBP/USD losses ground in the New York session, ahead of a busy week in the global economic docket, with major central banks hosting monetary policy de
Read more »
GBP/USD Price Analysis: Finds demand below 1.2350 as USD Index dropsThe GBP/USD pair has sensed a buying interest after dropping below 1.2340 in the Asian session. On Monday, the Cable witnessed selling pressure after
Read more »
GBP/USD finds an intermediate cushion around 1.2330, Fed-BoE policy divergence to trim aheadGBP/USD has gauged intermediate support around 1.2330 after a vertical decline move in the early European session. The further downside in the Cable i
Read more »
GBP/USD sticks to the side-lined theme – UOBGBP/USD is now seen trading between 1.2250 and 1.2430 in the next few weeks, suggest Markets Strategist Quek Ser Leang and Senior FX Strategist Peter
Read more »
GBP/USD remains depressed near 1.2300 mark, multi-day low amid stronger USDThe GBP/USD pair attracts fresh sellers following an early uptick to the 1.2370 area and turns negative for the third successive day on Tuesday. The d
Read more »