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GBP/USD Completes Post-Data Round-Trip

FOREX
  • GBP/USD has completed a round-trip to sit higher headed into NY hours despite a poor showing from the UK jobs market across April. The pair was initially pressured down to 1.2466 before bouncing sharply to narrow the gap with 1.2550.
  • A wave of USD sales helps boost major pairs to fresh intraday highs mid-morning, with markets looking through the soft ZEW release to catch up with the pull lower in US yields overnight. A recovery off the lows in most equity futures markets also helping pressure the greenback.
  • Volumes remain marginally below recent averages for this time of day across most major pairs - the outlier being GBP after the poor jobs data this morning - with activity just over 50% above the norm for 1000BST.
  • Focus turns to Biden's looming schedule, with a debt ceiling focussed meeting with McCarthy due to take place in the Oval Office for ~90minutes at 1500ET/2000BST. The face to face follows McCarthy's comments late yesterday: "We are nowhere near reaching a conclusion,” and ongoing staff-level meetings are “not productive at all.”
  • The April US retail sales report crosses later today, followed by industrial production and capacity utilization data. Meanwhile, Canadian CPI is expected to show a further slowdown in price pressures. Fed's Mester, Barr, Williams, Goolsbee and Logan make for a busy Fed speaker schedule, with ECB's Lagarde appearing at an awards presentation for former German Chancellor Merkel.
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