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Cable traders await this afternoon's US data
This morning has seen some slightly softer UK services purchasing managers index figures released, but the majority of focus is on this afternoon’s US data releases.
The last couple of weeks have seen GBP/USD traders focus on the Sterling side of the equation, as Bank of England governor Mark Carney has sent conflicting messages regarding the timeline for interest rate changes in the UK. Today it is very much the turn of the US dollar to dictate the direction of GBP/USD.
Yesterday’s particularly strong ADP non-farm employment changes are likely to see last-minute upward revisions to market expectations for today’s employment figures. With the Dow Jones closing at an all-time high last night, although below the intraday high, it is questionable if the US needs anything else to trigger optimism.