GBP/USD sits near 15-month top, comfortably above mid-1.2800s ahead of UK jobs data – by hareshmenghani GBPUSD Fed BOE Employment Currencies
The US Dollar prolongs its downtrend witnessed over the past week or so and drops to a nearly three-week low, which turns out to be a key factor acting as a tailwind for the GBP/USD pair. Twoofficials said Monday that the end to the current monetary policy tightening cycle is getting close. This led to the overnight downfall in the US Treasury bond yields and keeps the USD bulls on the defensive.
The market focus will remain glued to wage growth data, which is expected to show that Average Earnings including bonuses rose to 6.8% during the three months to May from the 6.5% previous. Apart from any major disappointment, the crucial jobs report might continue to underpin the Sterling Pound . In the absence of any relevant market-moving
from the US, the aforementioned fundamental backdrop suggests that the path of least resistance for the GBP/USD pair is to the upside and any corrective decline is more likely to get bought into.
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