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Apr 03 - 01:55 PM

GBP/USD - Bounces Off Post ADP Lows, Rallied Above 10-DMA After Soft ISM Data

By Paul Spirgel  —  Apr 03 - 01:25 PM
  • GBP$ firm into NY close, +0.5% at 1.2644; Wednesday range 1.2651-1.2563

  • Slide to 1.2568 in NorAm after ADP short-lived; soft ISM data weighs on USD

  • Withstanding ADP beat may be a good sign for sterling nL2N3GC13Z

  • ADP hints at lingering inflation, not enough to change current Fed narrative

  • Powell- rates have peaked, soft ISM non-Mfg new orders, employment sinks USD

  • IRPR shows June Fed hike odds steady near 60%; Dec cuts to -70bp from -66bps

  • GBP$ res 1.2651 Wed high, 1.2671 daily cloud top, 1.2717 daily base line

  • Support at the 10-DM 1.2619, 200-DMA at 1.2588, 1.2563 Wednesday low

  • Thursday's UK PMIs; US jobless claims and Friday US payrolls next key data

Source:
Refinitiv IFR Research/Market Commentary

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