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GBP/USD falls from a five-month high to 1.2200 as traders await NFP data from the United States

Alina Haynes

Dec 02, 2022 15:47

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GBP/USD reverses direction from yesterday's strongest levels since late June, as markets stabilise in front of Friday's critical US employment report for November. As of press time, despite this, the intraday low for the Cable pair is approaching 1.2230.

 

In addition to pre-NFP anxiety, the recent decline in the quote may also be ascribed to the market's modest pessimism and poorer UK statistics.

 

S&P 500 Futures decline 0.30 percent intraday to 4,070, mirroring market mood as US 10-year Treasury yields bounce from a 10-week low to 3.53 percent as of press time.

 

Potentially responsible are worries about the decline of the Initial Public Offering (IPO) markets. According to industry experts presenting at the Reuters NEXT conference, "a global slowdown in initial public offerings due to heightened market volatility and a regulatory cloud over fresh listings from China has created pent-up demand that might lead to an IPO boom in 2023."

 

The Business Times of Singapore stated that the United Kingdom's house prices dropped 1.4% in November, which was greater than the 0.2% reduction that had been forecast. In contrast, record-high fresh food inflation and a rise in the UK's final S&P Global/CIPS Manufacturing PMI statistics for November appear to pose a challenge to GBP/USD bears.

 

The Bank of England's (BOE) hawkish forecasts and the Federal Reserve's (Fed) recent dovish forecasts for its next move are on the same path. Moreover, weak US inflation and economic activity figures weigh on the US Dollar, keeping GBP/USD bulls bullish.

 

The November US jobs report will be crucial for GBP/USD buyers in light of negative data forecasts and fears of additional Greenback losses. As a result, the headline Nonfarm Payrolls (NFP) number is expected to decline from 261K to 200K, while the unemployment rate may remain unchanged at 3.7%. It should be noted that a likely decline in Average Hourly Earnings for the relevant month could potentially weigh on the DXY.

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