GBP/USD falls to new four-day lows on a soft US jobs report as the US Dollar climbs
GBP/USD tumbles on a worse-than-expected US Nonfarm Payrolls report, with the US economy adding fewer jobs than analysts’ consensus. However, the initial reaction favored the US Dollar (USD). At the time of writing, the GBP/USD trades volatile around the 1.2450-1.2370 range, below its opening price.
Delving into March’s Nonfarm Payrolls data, the US Bureau of Labor Statistics (BLS) revealed the creation of fewer than 240K employments estimated, increased by 236, and trailed February’s 311K. Average Hourly Earnings, estimated at 4.3%, came at 4.2%, and the Unemployment Rate was at 3.5%YoY, below the expected 3.6%. Read more…
GBP/USD Forecast: No signs of life in Pound Sterling
GBP/USD has gone into a consolidation phase a few pips below 1.2450 after having closed in negative territory for the second day in a row on Thursday. Thin trading volumes on Good Friday are likely to force the pair to remain directionless even after the March jobs report from the United States. On a weekly basis, GBP/USD looks to post gains for the fourth straight time.
Although Wall Street's main indexes managed to close marginally higher on Thursday, the US Dollar (USD) didn't have a difficult time staying resilient against its rivals, supported by the modest recovery seen in the US Treasury bond yields. Read more…
GBP/USD clings to mild gains around mid-1.2400s amid BoE vs. Fed talks ahead of US NFP
GBP/USD seesaws around 1.2155-60 while printing the first daily gains in three amid early Good Friday morning in London. In doing so, the Cable pair cheers hawkish hopes from the Bank of England (BoE) while also portraying the cautious mood ahead of the key US Nonfarm Payrolls (NFP).
Andrew Goodwin, Chief UK Economist at Oxford Economics suggests another 0.25% rate hike from the “Old Lady”, as the BoE is informally known, amid persistent inflation pressure. Read more…
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