GBP/USD takes a hard rejection from fresh highs, but holds on the bullish side
The post GBP/USD takes a hard rejection from fresh highs, but holds on the bullish side appeared on BitcoinEthereumNews.com.
GBP/USD briefly rallied to new six-months highs on Thursday before settling back. Despite facing a technical rejection from 1.3200, Pound Sterling remains in a firmly bullish stance. Trump tariffs and softening US data have pummeled the US Dollar this week. GBP/USD briefly clipped the 1.3200 handle for the first time in six months on Thursday, climbing into fresh highs as the Greenback turns sour across the board. The Trump administration’s “reciprocal” tariffs and a flat tariff have kicked the legs out from beneath market sentiment, despite a delayed reaction to tariff announcements that came after US markets closed on Wednesday. Forex Today: US NFP will be in the limelight This week, the UK economic data release schedule is relatively sparse, but a new report on US Nonfarm Payrolls (NFP) will be published on Friday. This NFP data could significantly influence markets as the US economy transitions to a post-tariff landscape, with March’s labor figures expected to serve as a “bellwether” for the effects of the Trump administration’s tariff strategies. US ISM Services Purchasing Managers Index (PMI) figures through March further hampered investor sentiment on Thursday, falling to a nine-month low of 50.8 and declining at one of its fastest month-on-month rates since the pandemic. Business activity and consumer confidence evaporated in the run-up to the Trump administration’s tariffs, and post-tariff realities are unlikely to see sentiment recover quickly. The Trump administration’s “Liberation Day” tariff proposals have ignited global backlash, with former US Treasury Secretary Larry Summers claiming the government calculated tariffs without proper data. This claim aligns with the Trump team’s publications, which explain that their reciprocal tariffs are computed by dividing a country’s net exports to the US by imports from the US and then halving that figure, with a minimum tariff of 10%. As a result of the…
Filed under: News - @ April 3, 2025 11:25 pm