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GBP/USD Consolidates at 1.2560 as Investors Await PMI Numbers, Fed’s Powell Eyed

Daniel Rogers

May 24, 2022 09:49

In the early Tokyo session, the GBP/USD pair is trading in a tight range of 1.2560-1.2593 as investors anticipate the publication of UK and US Purchase Managers Index (PMI) statistics. In recent trading sessions, the cable has maintained its resilience amid a comeback in the risk-on impulse, which has strengthened risk-sensitive currencies and decreased the safe-appeal. haven's

 

The US dollar index (DXY) is behaving a bit steadier on Tuesday following a carnage Monday. On an encouraging market tone, the DXY dropped strongly to near 102.00. Investors are now waiting for the S&P Composite PMI figures, which are expected to be released shortly. Compared to the previous reading of 56, the Composite PMI has dipped to 55.5. The Manufacturing and Services PMIs are predicted to come in at 57.9 and 55.4, respectively, compared to the prior readings of 59.2 and 55.6.

 

Apart from the US PMI statistics, the speech by Federal Reserve (Fed) head Jerome Powell will stay in focus. In light of Fed Powell's comments on the Fed's probable monetary policy action, investors will be better equipped to make informed judgments on the cable. Because of the urgency of containing rapidly rising inflation, Powell's tone is likely to stay hawkish.

 

On the UK front, S&P Global/CIPS Manufacturing and Services PMI are seen at 55.1 and 57.3, lower than the previously published values of 55.8 and 58.9 respectively.

GBP/USD

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