The GBP/USD pair extends the previous day's late pullback from the vicinity of mid-1.2500s and ticks lower during the Asian session on Tuesday. Spot p
The USD stalls its retracement slide from a multi-month top and undermines the pair.extends the previous day's late pullback from the vicinity of mid-1.2500s and ticks lower during the Asian session on Tuesday. Spot prices currently trade around the 1.2500 psychological mark and remain well within the striking distance of a three-month low touched last week.
The US Dollar attracts some dip-buying and reverses a part of the overnight sharp downfall, stalling its retracement slide from the highest level since March, which, in turn, is seen weighing on the GBP/USD pair. Growing acceptance that the Federal Reserve will keep interest rates higher for longer, along with the prevalent cautious market mood, seems to benefit the safe-haven Greenback.rate hike move by the end of this year.
The hawkish outlook remains supportive of elevated US Treasury bond yields and continues to fuel worries about economic headwinds stemming from rapidly rising borrowing costs. This, in turn, tempers investors' appetite for riskier assets and drives some haven flows towards the buck.
The mixed fundamental backdrop, meanwhile, might hold back traders from placing aggressive directional bets around the GBP/USD pair ahead of the US jobs report, due later during the early European session. The focus will then shift to the monthly UK GDP report on Wednesday, which will be followed by the release of the crucial US consumer inflation figures and provide some meaningful impetus to the major.
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