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Jan 07 - 03:55 PM

GBP/USD - Bulls Eye Early Jan High By 1.3599 After NFP Disappoints

By Paul Spirgel  —  Jan 07 - 01:35 PM
  • GBP/USD firm into NY close +0.3% at 1.3580; NorAm range 1.3584-30

  • Pair firm after soft NFP nL1N2TM2F6, bulls looks past unemp rate drop

  • Long way til exp'd Mar 16 Fed hike FEDWATCH; BoE seen hiking on Feb 3

  • GBP up after disappointing US payrolls but Fed remains a threat nL1N2TN13E

  • Fed needs to tread lightly, cost-pull infl-related hike may stall recovery

  • GBP/USD res at 1.3599 Jan 5 high, 1.3608 Nov 9 high, then 1.3698 Nov 4 high

  • EUR/GBP off 23-month low by 0.8336, rallies to end week +0.22% at 0.8363

  • EUR slight pickup as ECB low-for-longer talk ebbs, EUROIS pricing 10BP hike in H2 2022

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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