GBP/USD rallies sharply, above 1.1860 on mixed US/UK PMIs – by christianborjon GBPUSD Macroeconomics PMI UnitedStates Recession
US S&P Global PMIs were mixed, though reignited recession fears.GBP/USD Price Analysis: If it clears 1.1900, a test of 1.1936 is on the cards.US economic data
, which increased fears of a US recession. Consequently, the greenback fell, alongside US T-bond yields, while most G8 currencies advanced. The GBP/USD is trading at 1.1860, after hitting a YTD low at 1..1716, so the major swang more than 100 pips as a reaction to the abovementioned data, while sentiment shifted positively, with USThe US S&P Global PMI Composite for August showed that business activity in the US contracted for the second consecutive month.
Meanwhile, during the European session, S&P Global revealed that August UK Manufacturing PMI plummeted into contractionary territory, falling to 46.0, shy of estimates of 51.1, driven by high energy prices across Europe, supply chain disruptions, and higher interest . Contrarily to the US, the UK’s Services PMI was unchanged at 52.5, while the Composite PMI downtick to 50.9.The US economic docket will feature Durable Good Orders for July, alongside Housing Data, illustrating that the US economy is slowing down on Wednesday. A light calendar will feature CBI Distributive Trades on the UK front on Thursday.The GBP/USD is climbing as buyers eye a test of the August 19 daily high of 1.1935. Once the GBP/USD cleared the figure at 1.
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