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3 Aug 2021

GBP/USD consolidates below 1.3900 as USD rebounds

  • GBP/USD prints minor gains in the Asian trading session.
  • US Dollar Index recovers from the early lower levels, hovers around 92.00.
  • The sterling gains on the Brexit optimism, MPC eyed.

GBP/USD edges higher on Tuesday’s Asian trading session. The pair made a high near 1.3935 in the previous session but failed to holds the gains.

At the time of writing, GBP/USD is trading at 1.3891, up 0.08% for the day.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades above 92.00 and gains some traction in the Asia-pacific timings. The greenback gains as investors ditched riskier assets in view of the rapid spread of the delta variant.

The US Personal Consumption Expenditure Index (PCE) jumped 0.4% in June, below the market expectations of 0.6%.

Meanwhile, senators in the US introduced a bipartisan infrastructure bill of $550 billion for the next 5 years. In addition to that, Fed Governor Christopher Waller said on Monday that he would support early tapering from the central bank as soon as October. The USD gained following the comments, despite milder economic data.
 
The ISM Manufacturing Purchase Manager Index (PMI) fell to 59.5 in July below the market estimates of 60.9. 

On the other hand, the sterling gains after the fear of coronavirus ebbed amid falling fresh COVID-19 infections.

Meantime, the EU pauses legal action against the UK over the Northern Ireland (NI) protocol in the previous week, which also added to the attractiveness of the British pound.

Investors anticipate Thursday’s Bank of England (BOE) Monetary Policy Committee (MPC) to assess the forward guidance on inflation and interests rates.

As for now, investors await the US Factory Orders to take fresh trading impetus.

GBP/USD additional levels


 

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