GBP/USD probes bulls after three-day uptrend as UK GDP, US inflation cues loom – by anilpanchal7 GBPUSD BOE Fed GDP RiskAppetite
GBP/USD remains sidelined after reversing from weekly top, prints mild losses to defy three-day winning streak.Downbeat Fedspeak, softer US data allow GBP/USD to grind higher.GBP/USD pares weekly gains around 1.2100 as it portrays thetraders’ anxiety ahead of the key UK and the US data amid early Friday. In doing so, the quote struggles to justify the Federal Reserve’s hawkish bias, as well as recession woe.
A negative difference between the US 10-year and 2-year Treasury bond yields triggered the recession woes the previous day and weighed on the GBP/USD prices, after the quote renewed weekly top. That said, US Treasury bond yields grind higher following the widest yield curve inversion imprint since 1980. It’s worth noting that both these key bond yields remain mostly inactive around 3.66% and 4.50% respectively by the press time.
Elsewhere, the downbeat prints of the US Weekly Initial Jobless Claims and comments from Richmond Federal Reserve President Thomas Barkin seemed to have weighed on the US Dollar during the initial Thursday, before the recession woes triggered the USD rebound. The US Weekly Initial Jobless Claims rose to 196K versus 190K expected and 183K prior. “The advance number for seasonally adjusted insured unemployment during the week ending January 28 was 1,688,000, an increase of 38,000 from the previous week's revised level," said the US Department of Labor showed on Thursday.
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