GBP/USD tanks below 1.2600 after US NFP and ISM PMIs data

Share:

• Mixed US Nonfarm Payrolls data initially fails to boost USD, but ISM Manufacturing PMI lifts sentiment.
• UK business activity remains in contraction, but inflation nears 7%, complicating BoE’s next move.
• Office for National Statistics revises UK economic size, indicating a 0.6% growth in Q4 2021 compared to Q4 2019.

The Pound Sterling (GBP) slumped late in the New York session versus the Greenback (USD) as US Treasury bond yields rose and bolstered the USD, which is set to print its seven consecutive week printing gains. The GBP/USD hit a daily high of 1.2712 before reversing its course and diving toward the current exchange rate, trading at around 1.2590s.