GBP/USD pares intraday losses, down a little around 1.2420 ahead of US PMIs – by hareshmenghani GBPUSD Fed BOE PMI Currencies
The disappointing UK Retail Sales data, mixed UK PMIs undermine the GBP and exert pressure.GBP/USD
pair stalls its intraday decline near the 1.2375 region and recovers over 40 pips from a three-day low touched earlier this Friday. Spot prices, however, keep the red through the early North American session and currently trade around the 1.2415-1.2420 area, still down nearly 0.20% for the day. The British Pound weakens across the board following the disappointing UK macro releases, which, along with an intraday uptick, exert some downward pressure on the GBP/USD pair. In fact, the UK Office for National Statistics reported that domestic Retail Sales contracted by 0.9% in March and sales excluding fuel dropped by 1% during the reported month, both missing consensus estimates.
The USD, on the other hand, initially drew support from growing acceptance that the Federal Reserve will continue raising interest. This was seen as another factor weighing on the GBP/USD pair, though the intraday downfall stalls ahead of the 1.2350 strong horizontal support. The ongoing downfall in the US Treasury bond yields, along with a modest recovery in the global risk sentiment, act as a headwind for the safe-haven Greenback.
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