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Jan 05 - 01:55 PM

GBP/USD - Slides From Post-ISM High 1.2771 As UST Yields Resume Rise

By Paul Spirgel  —  Jan 05 - 01:15 PM
  • GBP$ off early NorAm high, +0.35% at 1.2725; NY range 1.2771-1.2613

  • Pair tracking UST yields, whipsawed on payrolls rise, weak ISM svcs data

  • UST yields whippy, 10-yr rose to 4.10% post NFP, dipped to 3.95% post-ISM

  • Payrolls whipsaw leaves sterling awaiting further policy signals

  • All about inflation, growth and relative yields as we progress in 2024

  • GBP$ supt at 10-DMA by 1.2710, 1.2666 30-DMA, this wks lows in low 1.2610's

  • Res 1.2771 post-ISM flash high, 1.2795 upper 30-d Bolli, 1.2825 Dec 28 high

  • Next week's UK retail sales, more significantly Thursday's U.S. CPI in focus

Source:
Refinitiv IFR Research/Market Commentary

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