GBP/USD faces strong resistance at around 1.2500 and retraces due to risk aversion as investors assess a possible recession in the United States (US). The latest US economic data paints a gloomy scenario, which is already foreseen by the US Federal Reserve (Fed) as the last piece of the puzzle, the larbor market, showed signs of slowing down. The GBPUSD trades at 1.2459, down by 0.33%.
US equities continue to tumble across the board. The ISM revealed its non-manufacturing index, which rose by 51.2, below estimates and the prior’s month data. Earlier, private hiring in the US, as reported by ADP in collaboration with Stanford Digital Economy Lab, jumped to 145K, below the 200K consensus.
After the release of the figures, the GBP/USD seesawed in an extensive 70-pip range, from 1.2505-1.2432, before stabilizing around 1.2450. As business activity slows down, recessionary fears are growing amongst investors.
Aside from this, money market futures continued to price in that the US central bank, the Federal Reserve (Fed) would keep rates unchanged at their May meeting.
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