{"id":109694,"date":"2024-12-20T00:47:49","date_gmt":"2024-12-19T20:47:49","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=109694"},"modified":"2024-12-20T00:50:15","modified_gmt":"2024-12-19T20:50:15","slug":"gbp-usd-plummets-amidst-strong-us-data-and-rising-yields","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gbp-usd-plummets-amidst-strong-us-data-and-rising-yields\/12\/20\/market-updates\/","title":{"rendered":"GBP\/USD Plummets Amidst Strong US Data and Rising Yields"},"content":{"rendered":"\n<p>The GBP\/USD currency pair experienced a sharp decline, falling over 60 pips, as robust US economic data and a surge in Treasury yields bolstered the US Dollar. The pair flirted with the crucial 1.2500 support level.<br><br><strong>US Economic Strength Fuels Dollar Demand<br><\/strong><br>Key US economic indicators pointed to a strong economy. Initial jobless claims fell below expectations, indicating a resilient labor market. Furthermore, GDP growth for the third quarter exceeded estimates, solidifying the positive economic outlook.<br><br>BoE Holds Rates Steady, Market Uncertainty Remains<br><br>The Bank of England (BoE) maintained its interest rate at 4.75% in a split decision, with six members voting to hold and three favoring a cut. Market expectations for future rate adjustments remain uncertain, with the probability of a rate hold in February 2025 currently at 57%.<br><br><strong>Rising Treasury Yields Bolster Dollar<br><\/strong><br>The significant rise in US Treasury yields, with the 10-year yield climbing seven basis points to 4.592%, provided strong support for the US Dollar. This surge in yields underpinned the Greenback, as reflected in the strengthening US Dollar Index (DXY).<br><br><strong>Technical Outlook<br><\/strong><br>The GBP\/USD pair is rapidly approaching the November 22 low of 1.2486. A break below this level could open the path towards the April 22 low of 1.2299. Conversely, a successful defense of the 1.2500 level could allow for a potential recovery towards 1.2600 and potentially higher levels, targeting the December 17 high of 1.2728.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GBP\/USD currency pair experienced a sharp decline, falling over 60 pips, as robust US economic data and a surge in Treasury yields bolstered the US Dollar. The pair flirted with the crucial 1.2500 support level.US Economic Strength Fuels Dollar DemandKey US economic indicators pointed to a strong economy. Initial jobless claims fell below expectations, &hellip;<\/p>\n","protected":false},"author":13,"featured_media":94125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6967,7046],"class_list":["post-109694","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-boe","tag-sterling"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=109694"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109694\/revisions"}],"predecessor-version":[{"id":109699,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109694\/revisions\/109699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/94125"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=109694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=109694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=109694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}