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May 04 - 11:55 AM

GBP/USD - Helped To Intra-Day Top By ADP Miss Pre-Fed Verdict

By Rob Howard  —  May 04 - 09:35 AM
  • Cable rose to 1.2536 after April's sub-forecast U.S. ADP employment number

  • 247k vs 395k expected nAQN0XWR4B. 1.2536 = intra-day high nL2N2WW0GS

  • ADP miss precedes Fed rate decision at 1800 GMT, when 50 bps hike expected

  • See: nL2N2WV1V4nL2N2WV1F8. 1 in 10 chance of 75 bps hike FEDWATCH

  • Ultra-hawkish Fed could depress GBP/USD through 1.2412 (recent 21-month low)

  • BoE MPA Thursday; 25 bps rate hike expected nL2N2WW0NVnL2N2WW0DR

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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