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May 04 - 11:55 AM

GBP/USD - Stays Closer To 1.26 Than 1.25 As Lagarde Speaks

By Rob Howard  —  May 04 - 09:40 AM
  • Cable dipped to 1.2550 as EUR/USD slid on ECB's 25 bps rate hike

  • Money markets saw 1-in-5 chance of 50 bps ECB hike. EUR/GBP also fell

  • 1.2550 = intra-day low (1.2553 was Ldn am low). ECB's Lagarde in focus now

  • Offers pre-1.26 capped GBP/USD at 11-month high in early London trade

  • PacWest, Western Alliance stocks tumble as US banking concerns deepen

  • US jobless claims 242k vs 240k f/c. US Q1 labor costs up 6.3% vs 5.5% f/c

Source:
Refinitiv IFR Research/Market Commentary

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