GBP/USD faces fragile barricades below 1.1400 on bleak BOE outlook, risk-on still solid – by Sagar_Dua24 GBPUSD BOE RiskAppetite NFP
The risk-on impulse is still solid and S&P500 is holding gains.has sensed a minor selling pressure while attempting to hit the immediate hurdle of 1.1400 in the Tokyo session. Investors are preferring long liquidation in risk-perceived currencies gradually but that doesn’t resemble a reversal now. The 10-year US Treasury yields have recovered the decline and have scaled above 3.75%. Meanwhile, the S&P500 is not ready to surrender gains and is sustaining at elevated levels.
It is worth noting that the US economy is operating at full employment levels for the past several months. Therefore, space for creating fresh jobs is extremely low. Apart from that, the Average Hourly Earnings data holds significant importance. The labor cost index data is expected to remain subdued as projections display a decline of 10 basis points to 5.1% on an annual basis.
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