GBP/USD reclaims the 1.2000 figure on US PMIs flashing recession – by christianborjon GBPUSD Majors Macroeconomics Recession PMI
US S&P Global PMIs flashes purchasing managers’ worries about current US economic conditions.GBP/USD recaptures the 1.2000 figure amidst a fragile market mood, asare seesawing of late, due to US S&P Global PMI data, flashing a contraction in the services sector and its Composite index, while traders seek safety towards US Treasuries, with US bond yields falling, undermining the greenback.
The GBP/USD is trading at 1.2028 after diving towards its daily low at around 1.1915. Nevertheless, the major bounced back and rallied towards a daily high at 1.2063 before stabilizing around current price levels.In the meantime, US S&P Global reported PMIs Indices for July. Manufacturing rose by 52.3, above expectations, but Services and Composite tumbled to 47 and 47.6, respectively, suggesting that the economy is deteriorating, according to the survey.
Traders should be aware that the US 2s-10s yield curve remains inverted, at -0.174%, signaling an impending recession. Nonetheless, the US 3-month to 10-year yield curve bear flattened towards the 0.367% area, which, although positive, has erased since its peak in May at 2.350%, almost 200 bps.Meanwhile, on the UK side, UK Retail Sales contracted, showing the pressure of elevated prices in the UK. June sales dropped by -5.8% YoY, more than estimations, while the monthly reading shrank -0.
Later, UK S&P Global PMIs for July held above the expansionary territory, easing some pressures on the shoulders of the
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