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Aug 05 - 01:55 PM

GBP/USD - Supported Pre-1.20 After Steep Drop On Big NFP Beat

By Rob Howard  —  Aug 05 - 10:05 AM
  • Cable elicited support pre-1.2000 after extending south from 1.2140

  • Profit-taking on short positions aids subsequent climb towards 1.2065

  • 1.2065 was Thursday's low (after pound fell on BoE's long UK recession tip)

  • GBP/USD was at 1.2140 into July's big NFP beat (at 1230 GMT) nL1N2ZG2G3

  • Strong data spurs hawkish shift in Fed expectations, and lifts UST yields

  • 10-year UST yield up to 2.83%, from 2.70% when the NFP data was released

Source:
Refinitiv IFR Research/Market Commentary

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