GBP/USD hits a daily low below 1.2000 post US ISM Manufacturing PMI – by christianborjon GBPUSD Majors Macroeconomics
official was more hawkish than expected, sponsoring a leg-up in the GBP/USD. At the time of writing, the GBP/USD exchanges hands at 1.2005, below its opening price by 0.15%.Sentiment turned mixed in the session. Data from China revealed that manufacturing activity in the second-largest economy entered the expansionary territory, a tailwind for riskier assets.
The GBP/USD has retreated some of its earlier gains due to Fed officials speaking, namely the Minnesota Fed President Neil Kashkari . Kashkari said that in December, he thought that rates needed to go to 5.4% and hold, and added that he’s open at the next Fed meeting to increase rates 50 or 25 bps. He said that the risks of untightening are much more significant than overtightening.Manufacturing PMI came at 47.7, below 48.0 estimates, which sponsored a leg toward the daily low at 1.
Although Kashakri’s comments weighed in the GBP/USD, an earlier BoE Governor Andrew Bailey’s speech capped the GBP/USD fall. Bailey commented that the BoE is not done with hiking rates and emphasized that BoE will inevitably need to do more. He added that further increases in the Bank Rate might be appropriate. Added that if the BoE falls short on rates, it will only have to do more later on.
Of late, the S&P Global Manufacturing PMIs for the US came at 47.3 vs. a previous reading of 47.9, and at around 15:00 GMT, the release of the ISM
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