GBP/USD pares intraday losses, keeps the red near 1.2200 mark amid stronger USD By HareshMenghani GBPUSD Fed Recession PMI Currencies
Hawkish Fed expectations and recession fears continued acting as a tailwind for the buck.GBP/USD pair
struggled to capitalize on the overnight solid bounce of around 100 pips from the weekly low and attracted some selling for the second successive day on Thursday. Spot prices dropped to the 1.2170-1.2165 area during the early part of the European session, albeit managed to rebound a few pips thereafter.was back in demand amid hawkish Fed expectations and drew additional support from the worsening global economic outlook, which, in turn, exerted downward pressure on the GBP/USD pair.
Apart from this, mostly upbeat flash UK PMI prints assisted spot prices to recover near 50 pips from the daily low. It, however, remains to be seen if the GBP/USD pair is able to capitalize on the attempted recovery amid expectations that the Bank of England would opt for a more gradual approach toward raising interest rates.
Market participants now look forward to the US economic docket, featuring the release of the usual Weekly Initial Jobless Claims and the flash PMI prints for June. Traders will further take cues from Fed Chair Jerome Powell's second day of testimony before the House Financial Services Committee. This, along with the US bond yields and the broader market risk sentiment, would influence the USD and provide some impetus to the GBP/USD pair.
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