GBP/USD recovers back above 1.2400s, focus turns to Friday’s key UK Retail Sales report By Frank_Macro GBPUSD Fed BOE
D has posted a healthy recovery on Thursday. The pair is back to trading above the 1.2400 level and currently sits around 1.2425 with on-the-day gains of about 0.7%, with cable benefitting primarily as a result of USD weakness as US yields pull lower.
Where US yields across most of the curve are trading lower on the week, UK yields continue to trade substantially higher in wake of Tuesday’s super strong UK labour market report and after data on Wednesday revealed UK Consumer Price Inflation hitting four-decade highs at 9.0% YoY. This data combo appears to have revived some bets onThe BoE tightening discussion will remain a key driver of sterling for the rest of the week with April Retail Sales data scheduled for release on Friday.
Thus, traders will continue to mull the BoE’s policy dilemma over how much more tightening is needed. Another ugly Retail Sales report, coupled with continued weakness inin the coming days , could see GBP/USD quickly give up its weekly gains which currently stand at just over 1.0%. Traders should bear in mind that buying USD dips has been a profitable strategy in recent months given the Fed’s hawkish shift and broad risk asset weakness. The message from
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