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Next Thursday, the UK will reveal crucial macroeconomic data. On the strength of a gloomy market environment, the American Dollar is gaining. With selling pressure present, the GBP/USD pair may decline towards 1.2273.
GBP/USD is currently trading at approximately 1.2380 after making a minor recovery from an intraday low of 1.2343. Despite the Eurozone and the United Kingdom enjoying Easter Monday, which left local markets closed, the pair dipped substantially lower ahead of the American opening.
On Wall Street, however, US indexes often traded in a range around their opening levels. The S&P 500 and Nasdaq Composite are still in the red, while the Dow Jones Industrial Average is up 0.14%. Conversely, Treasury yields increased, with the 10-year note currently yielding 3.41% and the 2-year note yielding 4.0%.
The US Dollar increased despite gloomy market sentiment as market participants once again focused on a potential recession in the United States as a result of the Federal Reserve’s (Fed) aggressive monetary tightening and the banking crisis that began last month.
The Sterling could find firmer directional strength on Thursday when the UK will release updates on the Gross Domestic Product, Industrial and Manufacturing Production, and the Trade Balance.
