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After a two-day recovery from its lowest levels since late November 2022, the GBP/USD pair now seesaws inside a choppy range. Buyers benefit from expectations of no UK recession and optimistic efforts to entice new stock market listings. Prior to the important US jobs report, the US dollar is weakened by mixed US data and a decline in rates.
UK’s monthly GDP for January will be crucial to watch amid economic slowdown chatters but US NFP is the key. GBP/USD makes rounds to 1.1930-20 during early Friday morning in Asia as bulls take a breather after the biggest daily jump in more than a week ahead of the key statistics from the UK and the US.
Despite this, the US Dollar’s rally on Thursday was halted by US statistics and a decline in the key US Treasury bond yields, which together weighed on the currency.
Wall Street benchmarks ended the day with more than 1.5% daily losses on average, reflecting the mood, but the rates on US 10-year and two-year Treasury bonds decreased to 3.92% and 4.87%, respectively, from daily opening values of 5.08% and 4.01%.
The US Dollar Index (DXY), it should be noted, was able to reduce some of the daily losses by Thursday’s close, but it was unable to avoid the worst daily decline in a week.
