GBP/USD: Bears attack 1.2100 with eyes on yearly low, UK/US PMI By anilpanchal7 GBPUSD PMI Recession RiskAppetite Brexit
Starting with the presently key issue, namely the economic slowdown fears, the United Kingdom reported no change in the for Q1 2021 during the final announcements published the previous day. That said, the UK GDP matched initial forecasts of 0.8% QoQ and 8.7% YoY. It’s worth noting that the fears of UK recession growth stronger as a jump in inflation joins Brexit woes, not to forget pessimism surrounding the Russia-Ukraine crisis and China’s covid resurgence.
Elsewhere, UK Foreign Secretary Liz Truss defended the privileges committee inquiry into PM Johnson’s ‘partygate’ scandal as Tory backbenchers term it a 'kangaroo court'. Alternatively, the risk-off mood joins cautious sentiment ahead of the key US ISM Manufacturing PMI for June, expected at 55.0 versus 56.1 prior, also propelling the US dollar’s demand. That said, theIndex reversed from a 12-day high to snap a two-day uptrend by closing Thursday’s trading around 104.75, near 104.80 by the press time.
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