GBP/USD bounces from weekly lows and marches firmly above 1.2530s pre-FOMC minutes By christianborjon GBPUSD Majors Macroeconomics Technical Analysis
, a measurement of the buck’s value against a basket of six currencies, reclaims the 102.000 mark, gaining 0.40%, putting a lid on the GBP/USD rally. The US 10-year Treasury yield remains flat around the 2.752% mark.
The US economic docket featured housing data, which came in mixed but tilted positively, despite concerns about the US's growing economic outlook. Later, April’s Durable Goods Orders grew at a slower pace than foreseen but kept positive. At around 18:00 GMT, the Federal Reserve will unveil its May minutes, giving traders additional clues regarding the US central bankIn the meantime, the Atlanta Fed GDP Now, the projection of US GDP for the second quarter, rose to 1.
An absent UK docket leaves GBP/USD traders adrift to BoE-speak led by its Chief Economist Huw Pill. Earlier, Pill said that too much tightening runs the risk of getting stuck in a deep recession, but too little tightening runs the risk of inflation gaining self-sustaining momentum. Pill's remarks came a day after a raft of downbeat UK PMI data, which reignited fears about a UK economic slowdown, threatening to keep the central bank from further tightening monetary conditions.
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