GBP/USD falls back to its knees as risk sentiment in US session crumbles By ross_burland GBPUSD Fed CPI Currencies
The US dollar has moved sharply off its lows, turning positive again for the day as markets digest the inflation data from earlier in the US session. While the data showed that inflation has slowed, underlying price pressures remain elevated which is weighing on investor sentiment and US stocks. climbed 8.3%, higher than the 8.1% estimate but below the 8.5% in the prior month. Also, the index rose just 0.
The Dow Jones Industrial Average fell 0.8% giving up earlier gains. The S&P 500 slid 1.3% after increasing 0.5% earlier in the session. The Nasdaq Composite dropped 2.5% and is currently extending intraday declines while the 2-year yield increased to 2.857% and is aligned closely with Federal Reserve's interest rate policy.
''We expect manufacturing growth of 0.5% , leaving overall GDP growth just in positive territory in the month and at 1% for the quarter.''The bears have been in control since breaking 1.3670 back in November 2021. The price is making its way into meeting a prior low of 1.2251 which guards a run to mitigate the imbalance of price between there and the 1.2075 May 18 2020 low:
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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