GBP/USD sticks to modest recovery gains above mid-1.2000s, upside potential seems limited – by hareshmenghani GBPUSD China Fed BOE Currencies
pair hovers near the daily top, around the 1.2060 area through the first half of the European session, though lacks follow-through amid strong follow-through US Dollar buying.
In fact, the USD Index, which tracks the greenback against a basket of currencies, is seen building on Friday's solid bounce from a nine-month low and drawing support from a combination of factors. The upbeat US monthly jobs report forced investors to scale back their expectations for an imminent pause in the Fed's policy-tightening cycle. This, in turn, pushes the US Treasury bond yields higher and continues to boost the greenback.
Expectations that the US central bank will stick to its hawkish stance for longer fuel concerns about economic headwinds stemming from the continuous rise in borrowing costs. Adding to this, fears of worsening US-China relations take its toll on the global risk sentiment, which is evident from a generally weaker tone around the equity markets.
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