GBP/USD hovering between 1.3500-1.3550 levels post-hakwish Fed minutes as traders await Friday’s US jobs report By Frank_Macro GBPUSD Fed NFP
urvey, having failed to recover back to the north of the 1.3550 mark earlier. At current levels in the 1.3520s, the pair is trading lower by about 0.2% or 30 pips on the day, and about 0.5% below Wednesday’s pre-hawkish Fed minutes highs at 1.3600. Some FX strategists are surprised that the dollar hasn’t strengthened more in wake of the latest Fed minutes, having been surprised by the apparent appetite amongst FOMC members for a faster pace of tightening .
Its probably worth noting that even if the dollar does start to pick up in the coming sessions, sterling is likely to hold up better than other G10 currencies given that the BoE is already and set to remain well ahead of the Fed when it comes to monetary policy normalisation . For now though, GBP/USD remains well supported above the 1.3500 level, having fended off a test of it earlier in the session.
Meanwhile, the ADP report on Wednesday estimated December employment change at double expectations at over 800K. Tuesday’s ISM Manufacturing PMI saw its employment subindex rise to 54.2, its highest since H1 2021 and while Thursday’s ISM Services PMI fell to 54.9 from 56.5, survey participants continued to complain of personel and skills shortages.
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