GBP/USD sticks close to near-term highs as key labor data looms
The post GBP/USD sticks close to near-term highs as key labor data looms appeared on BitcoinEthereumNews.com. GBP/USD remains close to recent peaks as the Greenback remains off-kilter. US ADP jobs softened much faster than expected on Wednesday, knocking back investor sentiment. Friday’s upcoming NFP labor print has taken on newfound importance as markets fret over tariff impacts. GBP/USD caught a bid on Wednesday, paring the previous day’s losses and keeping price action on the high side of recent congestion. Bids remain pinned firmly above 1.3500 with key US Nonfarm Payrolls data looming ahead later in the week. US Dollar flows continue to dominate markets this week, with a thin offering from the UK side of the economic data docket until next week’s UK labor figures. ADP Employment Change numbers dropped sharply in May, adding just 37K jobs, far below the expected 115K increase. Historically, ADP job figures are volatile and often poorly predict Nonfarm Payrolls (NFP) that soon follow. This Friday’s NFP release will hold added significance as investors grow concerned about the American economy’s labor sector. Increasingly wary of business conditions due to fluctuating White House trade policies, many companies are scaling back hiring and investment plans. The ISM Services Purchasing Managers’ Index (PMI) survey results further dampened investor sentiment on Wednesday, indicating that service sector operators are growing more pessimistic about growth. The aggregated results fell to a contractionary 49.9, an 11-month low. Trade deals remain elusive, key jobs data still looms ahead Wednesday was the deadline set by the Trump administration for trading partners to present their best trade deal offers. Countries were expected to submit offers to negotiate out of President Trump’s proposed “reciprocal” tariffs package announced in April but suspended for 90 days last minute. The administration remained relatively quiet on trade deals, implying that responses may not be as numerous as earlier suggested by Trump officials. Thursday follows up Wednesday’s…
The post GBP/USD sticks close to near-term highs as key labor data looms appeared on BitcoinEthereumNews.com.
GBP/USD remains close to recent peaks as the Greenback remains off-kilter. US ADP jobs softened much faster than expected on Wednesday, knocking back investor sentiment. Friday’s upcoming NFP labor print has taken on newfound importance as markets fret over tariff impacts. GBP/USD caught a bid on Wednesday, paring the previous day’s losses and keeping price action on the high side of recent congestion. Bids remain pinned firmly above 1.3500 with key US Nonfarm Payrolls data looming ahead later in the week. US Dollar flows continue to dominate markets this week, with a thin offering from the UK side of the economic data docket until next week’s UK labor figures. ADP Employment Change numbers dropped sharply in May, adding just 37K jobs, far below the expected 115K increase. Historically, ADP job figures are volatile and often poorly predict Nonfarm Payrolls (NFP) that soon follow. This Friday’s NFP release will hold added significance as investors grow concerned about the American economy’s labor sector. Increasingly wary of business conditions due to fluctuating White House trade policies, many companies are scaling back hiring and investment plans. The ISM Services Purchasing Managers’ Index (PMI) survey results further dampened investor sentiment on Wednesday, indicating that service sector operators are growing more pessimistic about growth. The aggregated results fell to a contractionary 49.9, an 11-month low. Trade deals remain elusive, key jobs data still looms ahead Wednesday was the deadline set by the Trump administration for trading partners to present their best trade deal offers. Countries were expected to submit offers to negotiate out of President Trump’s proposed “reciprocal” tariffs package announced in April but suspended for 90 days last minute. The administration remained relatively quiet on trade deals, implying that responses may not be as numerous as earlier suggested by Trump officials. Thursday follows up Wednesday’s…
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