GBP/USD rallies above 1.2050, prints a new three-month high – by christianborjon GBPUSD Majors Macroeconomics
US S&P Global PMIs flashed that the economy is slowing faster than expected.Durable Good Orders in the United States exceeded forecasts, showing consumers resilience.Sterling is rallying back above 1.2000 after the release of mixed economic data out of the United States , weighed on the US Dollar . At the same time, a risk-on impulse keeps European and US equities trading with gains ahead of the release of the Federal Reserve’s last meeting minutes.
Earlier, S&P Global reported that October’s Manufacturing, Services, and Composite PMIs for the US, are flashing a recession, remaining each at 47.6, 46.1, and 46.3, respectively. The biggest plunge was observed in the Manufacturing index, diving from 50.4 in the previous reading and below estimates of 50.
Before Wall Street opened, the US Department of Commerce revealed that Durable Good Orders in October rose by 1%, vs. 0.4% estimates, smashing September’s 0.3% figure while excluding transportation, the so-called core Durable Good Orders, climbed 0.5% above forecasts. At the same time, the US Department of Labor revealed that Initial Jobless Claims for the week ended November 19 increased to 240K, above estimates of 225K, amidst a period of high-tech companies laying off workers.
That said, the GBP/USD jumped from around 1.1950 to its new three-month high at 1.2080, a level last seen on August 17, 2022.Data revealed during the European session showed that the UK S&P Global/CIPS PMIs were unchanged, at contractionary territory, further cementing the case of an economic contraction. After the
revealed its latest monetary policy report, policymakers expressed that the UK was already in a recession.Traders’ focus shifts to the release of the Federal Reserve Open Market Committee minutes of the November meeting. Analysts are searching for clues about how high policymakers expect rates to go, how many participants support that view, and how many support a slowdown in rate increases.
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