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Jan 03 - 01:55 PM

GBP/USD - Slides Versus USD After Weak UK PMI Data

By Paul Spirgel  —  Jan 03 - 01:05 PM
  • Sterling ending NorAm -0.7% at 1.1964; Tuesday range 1.2080-1.1900

  • Pair offered o/n on soft UK PMI data, amid UK recession-inflation angst

  • GBP under pressure as weak global PMIs highlight growth risks nL1N33O11B

  • Fed policy remains key driver as BoE rate peak seen below Fed in 2023

  • Focus shifts to Wed Fed meeting minutes, Friday's US payrolls, earnings data

  • BoE Sonia strip abv E$ (FI) post-'23, by then UK econ seen in deep recession

  • GBP$ supt at 1.1961 the 10-HMA, 1.19 Tues low, 1.1876 55-DMA

  • Firm supt 1.1799 50% Fib of 1.1151-1.2446; close below eyes 100-DMA 1.1646

  • Res at 200-DMA 1.2036, Tues high 1.2080, 1.2126 daily high Dec 28

  • EUR/GBP -0.28% at 0.8820, Tues range 0.8862-0.8784; HICP , PMI dips hint at tempered ECB hike path

Source:
Refinitiv IFR Research/Market Commentary

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