GBP/USD soars past 1.2500 on soft US manufacturing data, Fed skipping hike GBPUSD Currencies Majors
Despite ISM’s seven-month PMI slump, Wall Street remains positive.GBP/USD edges higher in the North American session, boosted by downbeat economic data from the, with business activity slowing. Additionally, US Federal Reserve officials pushing for a “skip” on its tightening cycle eased the odds for a rate hike at the upcoming June meeting. The GBP/USD is trading at around 1.2510s after hitting a low of 1.2400.
Wall Street shifted positively as data from the Institute for Supply Management revealed that manufacturing activity slid for the seven straight month. The ISM Manufacturing PMI came at 46.9, below April’s 47.1 and below estimates of 47, with readings below 50 seen as recessionary. Factors like 500 basis points of aggressive tightening by theISM data weighed heavily on the US Dollar , as shown by the GBP/USD skyrocketing from around 1.2470, back above 1.
Initial Jobless Claims for the week ended May 27 rose by 232K, below estimates of 235K, but above the prior’s week 230K, a figure downward revised.
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