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Market News GBP/USD continues to bid below 1.2000 as risk-off attitude rises, US ISM PMI in focus

GBP/USD continues to bid below 1.2000 as risk-off attitude rises, US ISM PMI in focus

GBP/USD continues to trade below 1.2000 on risk aversion ahead of US Manufacturing data. After a robust recovery from 103.00, the USD Index rose to a near two-week high of 104.40. Due to the BoE's strong policy tightening, corporate debt in the UK has decreased significantly.

Alina Haynes

2023-01-04

292

The GBP/USD pair has relocated its business below the psychological support of 1.2000 in the early Asian session. Amid a risk-averse market sentiment, the pound has failed to gain control over 1.2000. A sharp decline in investors' risk appetite before to the release of the United States ISM Manufacturing PMI data and the Federal Reserve (FedDecember )'s monetary policy minutes has strengthened the US Dollar.

S&P500 maintained its downside path on Tuesday, reflecting that the risk-aversion theme has been underpinned by the market participants. After recovering well from 103, the US Dollar Index (DXY) reached a two-week high of approximately 104.40.

Investors are concerned that the Federal Reserve (Fed) could be forced to implement additional policy tightening to combat the persistent inflation. Bloomberg analyst Bill Dudley identified three areas of emphasis for the Fed in CY2023. The first factor driving wage inflation is the tight labor market and low unemployment rate. Second is the underinvestment in the oil and gas sector, which might exacerbate inflation as Russia could weaponize its grip on major oil supplies. The third factor is the performance of the budget deficit, which is anticipated to reach around 5% of the Gross Domestic Product (GDP) in 2023.

Meanwhile, investors are anticipating the release of the US ISM Manufacturing PMI for more indications, which is forecast lower at 48.5 vs. the earlier release of 49.0. While the New Orders Index is anticipated to be higher at 48.1, compared to 47.2 in the previous release, the data is anticipated to be lower at 47.2.

The declining appetite for corporate debt raises red signals for the economic outlook in the United Kingdom. According to a quarterly study by Deloitte CFP, 70% of UK CFOs consider credit to be "expensive" in light of the Bank of England's (BoE) most severe tightening policy in more than three decades, as reported by Reuters. Meanwhile, the British government has eliminated the requirement for Covid tests for Chinese arrivals.