The Pound Sterling slumps in the mid-North American session, as robust US economic data could dent the Federal Reserve’s intentions to cut rates.
GBP/USD declines as strong US manufacturing activity and pricing pressures fuel speculation of a persistent Fed policy. The resilience of the US economy, evidenced by ISM data, contrasts with quiet European markets due to holiday closures. Upcoming UK PMI data releases could weigh the GBP/USD as market participants expect further deterioration. That underpinned the Greenback while US Treasury yields skyrocketed, a headwind for Cable. The GBP/USD trades at 1.2587, down 0.57%.
9%, according to data from the CME FedWatch Tool. Last week, Fed Chair Jerome Powell commented in a speech at the San Francisco Fed that the US central bank is in no rush to cut rates. Even though last week’s Core Personal Consumption Expenditure price index came to a touch softer, the Consumer Price Index remains above the 3% threshold. That would keep Fed officials with their hands tied and adhere to the higher for longer mantra.
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GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Mar 01, 2024 when GBP/USD traded near 1.26.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.
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