GBP/USD bears attack 1.2350 as US Dollar traces firmer yields with amid cautious mood – by anilpanchal7 GBPUSD RiskAppetite Inflation CentralBanks Currencies
clues from the broad US Dollar rebound as the market mood sours ahead of the key data/events. Adding strength to the quote’s from the key 1.2450 hurdle could be the economic problems and challenges for the UK policymakers.
At home, UK Treasury Secretary Jeremy Hunt’s indecision over the tax cuts and the economic complications due to the workers’ strikes weigh on the GBP/USD prices. Even so, the policymakers propose the fight to tame inflation as a cure to overcome the workers’ halting of workers and generate problems surrounding the same, including higher inflation and low productivity.manufacturing index for January jumped to -8.4 while adding 11.6 points and marking the highest reading since May 2022.
Not only the downbeat US data but firmer US Treasury bond yields and softer equities also weighed on the GBP/USD prices. That said, the US 10-year Treasury bond yields rose 2.4 basis points to 3.542% while Wall Street benchmarks closed in the red. It’s worth noting that China’s return from a week-long Lunar New Year holiday also couldn’t impress markets as traders received mixed signals surrounding the dragon nation’s economic transition during the holiday period, which in turn weighed on theHaving witnessed a sluggish start to the key week, mostly favoring the GBP/USD bears, the pair traders will pay attention to today’s US Conference Board Consumer Confidence gauge for January.
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