GBP/USD rises above 1.2400 amid weak market - Capital Street FX

 

AS THE USD LOSES MOMENTUM ON EASTER MONDAY, THE GBP/USD CROSSES ABOVE 1.2400.

FUNDAMENTAL OVERVIEW

With a rise above 1.2400, the GBP/USD pair has reversed the prior week’s decline from 10-month highs. Despite an overall cautious attitude and hawkish Fed predictions, the US dollar is declining across the board. Easter Monday is a holiday, causing the market’s weak conditions to worsen.

GBP/USD has been able to launch a comeback early on Monday after closing in the red on Friday. On Easter Monday, the pair seems to have stabilized above 1.2400, although it is likely to oscillate in a narrow range amidst muted market activity.

In contrast to the market expectation of 240,000, the US Bureau of Labor Statistics said on Friday that Nonfarm Payrolls (NFP) climbed by 236,000 in the US in March. The Labor Force Participation Rate increased to 62.6% from 62.5%, and the Unemployment Rate decreased to 3.5% from 3.6%. Additionally, the average hourly earnings, which serve as a proxy for annual wage inflation, decreased from 4.6% to 4.2%.

The initial market response to the US jobs report led to a rise in US Treasury bond yields and a strengthening of the US Dollar, which forced the GBP/USD currency pair to decline ahead of the weekend.


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