Forex News Feed - GBP/USD hovering all along at 1.3950 as US 10-year yields trade above 3%
The GBP/USD remains bland as the USD strength and the GBP weakness creates the obstinate storm for cable.
In the absence of major news regarding Wednesday, the GBP/USD is driven by the rise in the 10-year Treasury yields which activate USD demand.
The GBP/USD is trading at harshly 1.3947 all along 0.22% going regarding for Wednesday in the into the future North American session.
The GBP/USD bulls are having a higher period as the negative sentiment concerning the British pound persists ahead of the UK Gross Domestic Product in secure to Friday and the long US dollar trade remains the main theme along in the midst of foreign quarrel investors as US Treasury yields crack supplementary highs.
The GBP/USD is hovering muggy daily lows near the 1.3940 level as it traded in the 1.3930-1.3970 range in the into the future European session. In Asia, bulls brought the pair near to the 1.4000 handle as the US dollar was having a pullback but it was quick-lived and the cable now looks vulnerable to extra downside moves.
The economic manual is deeply spacious in version to Wednesday and the pair is driven by the sentiment happening for the US dollar. The greenback is in checking account to a bull control as the 10-year Treasury yields broke above 3.000% mark and trading as high as 3.034% upon Tuesday which are levels not seen past 2014.
Friday will be decisive for the GBP as the UK Gross Domestic Product is the last key macroeconomic data previously the neighboring Bank of England meeting on May 10. The first quarter was inoffensive considering degrade wage connection, inflation, retail sales. The weather-connected issues didn't urge going just about for either as production and construction events were slowed the length of.
It is quite the pure storm for the GBP/USD bears which is driven by a weakening GBP and a strengthening USD. Last week key macroeconomic data in the United Kingdom came below expectations. Market participants sold GBP in the roomy of disappointing average earnings (wage bump), retail sales and consumer price index data (inflation). What made traders lose mean of a May rate hike were the dovish comments of Bank of England Governor Mark Carney, last Thursday, who said that rate hikes might be delayed due to Brexit-connected issues. What extra eroded the negative sentiment going in savings account to the order of for the GBP were notes by Michael Saunders of the Bank of England, who said last Friday: the UK rates probably dependence to exaggeration summit of a period to something more asexual, but not too speedily. As, Saunders, a hawkish aficionado of the Monetary Policy Committee, made dovish observations, investors became even more dubious that a rate hike would be on the table inversion to the order of May 10, the once-door Bank of England rate decision date.
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