GBP/USD bulls stay the course and take on 1.2520 – by fx_ross GBPUSD Currencies Fed BOE
is riding the weakness in the US Dollar that was pressured after a plunge in US factory activity raised concerns over slowing economic growth.
Firstly, US manufacturing PMI fell in March to the lowest since May of 2020 and US factory orders declined for a second straight month, down 0.7% in February after falling 2.1% in January from the 1.7% jump in December. The Institute for Supply Management reported yesterday that its Manufacturing PMI fell to 46.3 last month. This was the worst since May 2020, from 47.7 in February.
Then, we had US Feb JOLTS job openings fall 630k to 9.93m, their lowest level since May 2021. ´´The ratio of job openings to unemployed fell to 1.67 vs 1.86, indicating some easing in demand for labour but still well off a balanced labour market,´´ analysts at ANZ Bank explained, adding, ´´the largest drop in openings was in professional and business services, followed by healthcare. Accommodation and food services, saw openings fall back to middle of 2022 levels.
This batch of data this week falls on the heels of last Friday´s PCE data, the Federal Reserve´s preferred inflation measure, that was also mixed and weighed on the greenback. However, while headline and core both came in a tick lower than expected, super core accelerated for a second straight month to 4.63% YoY which is the highest since October.
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