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The GBP/USD pair experienced a 0.12% loss due to high US Treasury bond yields and global trade apprehensions. US Existing Home Sales dropped 2.2% in July, with limited inventory and high mortgage rates cited as causes.
The Richmond Fed’s Manufacturing Index met expectations with -7, while the Services Index surprised with a positive 4.
The GBP/USD pair retreated after testing the 50-day Moving Average, registering losses of 0.12% at the time of writing. Global trade tensions rise due to China’s economic uncertainties, and US stocks experience a decline due to fragile market sentiment. US bond yields are mixed, with the short-end of the curve continuing to bull-steepen.
The US Dollar Index continues to rise, with the dollar advancing 0.26% at 103.588. Richmond Fed President Thomas Barkin emphasized that the yield shift is a reaction to robust economic data. The US economic docket will feature Fed speakers, S&P Global PMIs, Durable Good Orders, and New Home Sales.
