GBP/USD continues to trade on either side of 1.2000 in fairly uninspiring trade with the US dollar the driver behind any short-term moves. Get your market update from nickcawley1 here:
continues to trade on either side of 1.2000 in fairly uninspiring trade with the US dollar the driver behind any short-term moves. The US dollar has been moving around this week as Fed speakers continue their hawkish narrative, aided by this week’s punchy corereading that came in hotter than expected. On the flip side, the recent CB consumer confidence data missed by a sizeable margin, adding to any dovish market outlook.
The greenback has been supported by rising US Treasury yields with the rate-sensitive 2-year UST hitting 4.95% mid-week, a level last seen in July 2007. One technical indicator suggests however that US short-dated bond yields may have peaked. On Thursday the US 2-yr yield made a, a bearish reversal candle, an indicator that needs to be closely watched over the coming days. Saying that the recent uptrend in short-dated yields is strong and may take control again.
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