GBP/USD seesaws above 1.2400 on mixed BoE vs. Fed concerns, downbeat US statistics – by anilpanchal7 GBPUSD BOE Fed RiskAversion Macroeconomics
Softer US data fails to impress Pound Sterling bulls amid mixed concerns about BoE.Absence of Fed talks, major UK data adds strength to cable pair’s sluggish move.
On Monday, market players witnessed downbeat US statistics, as well as improved prints of the UK S&P Global/CIPS PMIs. However, the same initially underpinned the GBP/USD to rebound from a three-month-old rising support line before the recession woes and indecision at the BoE weighed on theThat said, US ISM Services PMI declined to 50.3 for May versus 51.5 expected and 51.9 prior whereas growth of the Factory Orders also deteriorated during the stated month to 0.4% versus 0.
Following the data, Reuters said, “Recent data indicates previous BoE hikes are beginning to slow the UK economy, which could reignite UK recession fears and thus pressure more MPC members to vote for steady rates to help jumpstart the economy, removing the primary stimulus sterling strength.” It should be noted that the latest political jitters in the UK, especially after the late May local elections, also prod the GBP/USD buyers.
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