Forex Analysis by Fawad Razaqzada covering: British Pound US Dollar. Read Fawad Razaqzada's latest article on Investing.com
was a touch higher on Tuesday after it managed to rebound on the back of a firmer risk tone on Monday. That followed Israel’s limited response in Iran at the weekend, raising hopes that the conflict will not escalate further. But this could be the quiet before the storm, for the cable faces a rather busy couple of weeks or so.
Since the announcement, gilts have lagged behind other developed market bonds, and there is a risk of further yield rises on budget day. The key question as far as the pound is concerned is whether gilt underperformance will bring about excessive volatility. If so, it could increase turbulence and amplify downside risks for the currency.
Last time, we saw a surprisingly strong print of 8.04 million, aiding the dollar’s rally. Any further strength could boost expectations that the NFP data on Friday would also beat expectations.saw a growth of 3.0% in an annualized format, which was revised higher from the initial 2.8% reported initially. This time, growth is expected to come in at 3.0% again, which would represent a decent performance for the world’s largest economy.
The uncertain outcome has led investors to adopt a cautious stance, with many waiting to see how the election results may influence the Fed's future policy decisions and overall market sentiment. This has been evident in stock not moving much last week,Twice now, the GBP/USD has bounced right where it needed to: at just over the 1.2900 handle, where the long-term bullish trend line going back to September 2022 comes into play.
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