GBP/USD retreated after testing the 50-day Moving Average (DMA) but dropped mainly on high US Treasury bond yields and risk aversion spurred by the re
GBP/USD faces a 0.12% loss, influenced by high US Treasury bond yields and global trade apprehensions.
Richmond Fed’s Manufacturing Index meets expectations with -7, while the Services Index surprises with a positive 4.retreated after testing the 50-day Moving Average but dropped mainly on high US Treasury bond yields and risk aversion spurred by the recent developments surrounding China. Fears that the country with the second largest economy in the world can sharply slow down could weigh on global trade. Hence, the GBP/USD is trading at 1.2741, registering losses of 0.12% at the time of writing.
US bond yields are mixed as the short-end of the curve continues to bull-steepen, while the 10s, 20s, and 30s drop between 0.18 and 0.47 percent. However, the Greenback continues to rise, withIn recent statements by Richmond Fed President Thomas Barkin, he emphasized that the yield shift does not indicate “inappropriate” market tightening. Instead, he views it as a reaction to robust economic data.
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