GBP/USD keeps the red near weekly low, moves little post-US economic data – by hareshmenghani GBPUSD RetailSales Manufacturing Fed Currencies
ir is currently trading around the 1.1470-1.1465 area and remains well within the striking distance of its lowest level since 1985 touched last week.
Following the previous day's modest downtick, the US dollar regains some positive traction on Thursday amid hawkish Fed expectations and turns out to be a key factor exerting pressure on the GBP/USD pair. That said, a generally positive tone around the equity markets keeps a lid on any meaningful gains for the safe-haven greenback.also did little to impress the USD bulls or provide any meaningful impetus to the GBP/USD pair.
Separately, the US Weekly Initial Jobless Claims fell to 213K during the week ended September 9 against a rise to 226K anticipated. Furthermore, the Empire State Manufacturing Index improves to -1.5 in September from -31.3 previous, while Philly Fed Manufacturing Index plunges to -9.9, missing estimates for a fall to 2.8 from 6.2 in August.
The data, meanwhile, does little to push back against bets for a more aggressive policy tightening by the Fed. This, in turn, remains supportive of elevated US Treasury bond yields and favours the USD bulls, suggesting that the path of least resistance for is to the downside. Hence, a slide back towards the YTD low, around the 1.1400 mark, remains a distinct possibility.
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