GBP/USD marches towards 1.1950 as investors ignore aggressive Fed bets, UK data in focus
The GBP/USD pair has comfortably shifted its business above 1.1950 in the Asian session. The Cable is looking to stretch its recovery towards 1.1950 amid the absence of sheer anxiety among investors for the United States Nonfarm Payrolls (NFP) release. Also, investors have started shrugging off volatility associated with aggressive Fed rate hike bets. Investors understand the fact that higher inflation could be tamed by restrictive measures from the Fed, therefore, more rates from the Fed are a reality.
S&P500 futures have extended their losses in the Asian session after a nosedive Thursday where investors were discouraged by higher taxes on corporations, billionaires, and rich investors. Higher taxes on corporations will trim their Net Profit margins and investors would get reduced dividends on their investments. Read more…
GBP/USD grinds higher past 1.1900 ahead of UK data dump, US NFP
GBP/USD makes rounds to 1.1930-20 during early Friday morning in Asia as bulls take a breather after the biggest daily jump in more than a week ahead of the key statistics from the UK and the US.
That said, the risk-off mood failed to extend the US Dollar’s run-up on Thursday amid US data, which in turn joined a retreat in the key US Treasury bond yields to weigh on the greenback. While portraying the mood, Wall Street benchmarks closed with more than 1.5% daily losses each but the US 10-year and two-year Treasury bond yields eased to 3.92% and 4.87% versus 5.08% and 4.01% daily open respectively. It should be noted that the US Dollar Index (DXY) managed to pare some of the daily losses by the end of Thursday but failed to ignore the biggest daily fall in a week. Read more…
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