GBP/USD pokes 1.2200 at two-year low as risk-aversion joins Brexit woes, softer UK data By anilpanchal7 GBPUSD Brexit BOE RiskAppetite Inflation
sion on Friday. In addition to the broad US dollar strength, pessimism surrounding Brexit and the UK’s economic fears are extra negatives that drowned the cable during the last few days. refreshed its 20-year high as traders rushed to the greenback in search of risk safety. Market’s fears were mainly propelled by the inflation woes that push global central bankers toward dialing back the easy money and challenging the already weary economic growth.
That said, the UK’s first readings of the Q1 2022 GDP eased to 0.8% QoQ, below 1.0% forecasts while the monthly negative print of -0.1% for March, versus +0.1% expected and prior, gains major attention and drown the GBP/USD prices. Other than the UK GDP, Industrial Production and Manufacturing Production for March also disappoint the cable traders and add strength to the bearish bias.
Amid these plays, Wall Street saw the red while the US Treasury yields renewed their weekly low to 2.85%, down 5.8 basis points .
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