GBP/USD juggles below 1.2050 as investors await US ISM Manufacturing PMI – by Sagar_Dua24 GBPUSD PMI DollarIndex Inflation Volatility
This week, the US ISM Manufacturing PMI data will be of utmost importance.The GBP/USD pair is displaying back-and-forth moves in a narrow range below the critical resistance of 1.2050 in the early Asian session.is expected to get back in action after a potential trigger as the market participants are still in a festive mood post-New Year celebrations.
It is critical to observe the risk profile for now as the action part is missing from the market after a holiday-truncated week. The majority of the western markets remained closed on Monday as investors were welcoming CY2023 for better prospects. is yet to come into action mode and may display a healthy decline if it carry-forward Friday’s action.
The USD Index delivered a downside break of the consolidation formed in a range of 103.47-104.57 for the past week. The commentary from International Monetary Fund could trigger volatility in the US Dollar. Managing Director Kristalina Georgieva of the IMF cited on the CBS Sunday morning program that “For much of the global economy, 2023 is going to be a tough year as the main engines of global growth - the United States, Europe, and China – all may experience weakening activity,”.data, which will release on Wednesday. As per the consensus, the ISM Manufacturing data will escalate to 49.6 vs. the former release of 49.0. Apart from that, investors will keep New Orders Index on the radar, which might climb to 48.1 against the prior release of 47.2.
Meanwhile, economists at ANZ Bank expect a continuation of pain for the Pound Sterling in CY2023. A note from ANZ Bank states that “The fundamental backdrop for the United Kingdom is filled with uncertainty. Over the short term, households will have to deal with elevated inflation, higher taxes, and the increased costs of servicing debt. This will dent consumption and dampen the already subdued growth outlook. All of these are GBP negative.
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