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Jan 09 - 04:55 AM

GBP/USD - Lifted By Lower Chance Of 50 Bps Fed Hike In Feb

By Rob Howard  —  Jan 09 - 02:50 AM
  • Cable reaches 1.2165, high since Dec 21, after extending north from 1.1842

  • 1.1842 was Friday's six-and-a-half week low (before U.S. jobs report)

  • USD hurt by dovish shift in Fed expectations following Friday's U.S. data

  • U.S. ISM service sector index 49.6 vs 55.0 f/c; AHE 4.6% YY vs 5.0% f/c

  • 27% chance of 50 bps Fed rate hike on Feb 1 (vs 50% Thursday) FEDWATCH

  • 1.2100 (pre-weekend high) is now a GBP/USD support point (1.2092 = Asia low)

Source:
Refinitiv IFR Research/Market Commentary

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