GBP Eyes a recovery ahead of US data tomorrow despite a poor showing on the PMI data front. The BoE survey provides some optimism though with price pressures expected to cool.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 5, 20232023-10-05 06:30:00has arrested its slump with a midweek recovery largely thanks to a recovery in overall risk sentiment. Cable has been the bigger beneficiary as the improving risk sentiment has seen theUK construction PMI data came in weaker than expected today and kept GBP gains in check against the Greenback.
The end of the week brings about some key US data releases with no high impact data due from the UK and EU until next week. US Jobs data so far this week painted a mixed picture but still remains relatively resilient heading intotomorrow. Jolts job openings remain strong, but we did see a slight loss of momentum in private sector hiring which makes tomorrows NFP print all the more interesting.GBPUSD is enjoying a midweek renaissance ahead of the NFP report tomorrow.
A return of US Dollar strength to end the week could end up pushing Cable back toward the 1.2000 mark.From a technical perspective, EURGBP continues to struggle at the 0.8700 mark as the pair appears desined for a move lower once more. The resurgence in the Sterling has seen the pair print a lower high with a lower low seemingly on the way below the 20-day MA around the 0.8638.
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