GBP/USD probes bears above 1.2200 on UK data dump, BOE, Fed eyed – by anilpanchal7 GBPUSD Macroeconomics RiskAppetite BOE Fed
UK data came in mostly firmer-than-expected and challenges the previous fears surrounding the British economy.Light calendar elsewhere restricts the pair’s immediate moves even as bears struggle to retake control.
GBP/USD picks up bids to rebound from the intraday low of 1.2207 after the UK data flashed upbeat statistics during early Monday. In doing so, thepair challenges the previous pessimism surrounding the British economy and likely challenges for the Bank of England . However, broad-based US Dollar strength, amid recession woes and the pre-Fed anxiety, challenges the Cable pair buyers.
That said, the UK’s Gross Domestic Product for October rose to 0.5% MoM versus -0.1% expected and -0.6% prior while the Manufacturing Production growth rallied by 0.7% compared to -0.1% market consensus and 0.0% previous readouts. Further, the Industrial Production also marked a positive surprise compared to -0.3% expected as it came in at 0.0% MoM for October versus 0.2% prior.
Against this backdrop, the US stock futures print mild losses while the Treasury yields grind higher, which in turn keeps the GBP/USD bears hopeful. Having witnessed the initial reaction to the UK data, the GBP/USD pair traders will pay attention to Tuesday’s British employment data and the US Consumer Price Index for more clarification of the trend before monetary policy meetings of the
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