GBP/USD drops after strong US ISM Manufacturing PMI data
The Pound Sterling slumps in the mid-North American session, as robust US economic data could dent the Federal Reserve’s intentions to cut
rates. That underpinned the Greenback while US Treasury yields skyrocketed, a headwind for
Cable. The GBP/USD trades at 1.2587, down 0.57%.
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Pound Sterling tumbles as upbeat US Manufacturing PMI dampens market sentiment
The Pound Sterling (GBP) faces an intense sell-off against the US Dollar in Monday’s early American session. The
US Dollar Index (DXY) rises to 104.90 on stronger than expected
United States ISM Manufacturing PMI for March. The Manufacturing PMI rose to 50.3 from expectations and the prior reading of 48.4 and 47.8, respectively. The US factory data climbs above the 50.0 threshold for the first time after contracting for 15 straight months. This indicates a sharp recovery in the manufacturing sector, exhibiting a strong
economic outlook.
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GBP/USD Price Analysis: The initial support level is located at 1.2610
The GBP/USD pair holds positive ground near 1.2628, snapping the two-day losing streak on Monday. The modest recovery of the major pair is backed by the dovish comments from Federal Reserve (Fed) Chairman Jerome Powell. The Fed’s Powell stated on Friday that recent US inflation data was in line with expectations and that the Fed's goal for the interest rate this year remained unchanged. The US central bank maintains projections of three rate cuts this year, and traders anticipate the first rate cuts will begin in the June meeting.
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