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Forex news today GBP USD is reported to have recorded a slight decline around 1.2030-35 since Monday morning, consolidating with the first weekly gain in three amid a cautious market mood ahead of key catalysts, and fading Brexit optimism. Today's forex news information we summarize directly based on the forex site fxstreet.com.
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Adding a filter to the latest market moves could be downbeat US Treasury yields, extending the previous week’s pullback from multi-month highs and minor losses in US stock futures. However, the DUP urged the Government to stop overselling the latest post-Brexit deal in Northern Ireland and focus on the details. The same shows the DUP’s displeasure with the initial details of the EU and UK’s agreement on the Northern Ireland protocol (NIP) and poses a challenge to the smooth progress of major Brexit developments in the UK Parliament. To avoid any complications, the UK Government is preparing to share more details on how members of the Northern Irish parliament will be able to veto new EU legislation. According to UK EU Minister Chris Heaton-Harris they just want to make sure they get it right, in the next few days, and will codify it. Elsewhere, mixed headlines from China and a cautious mood ahead of Fed Chair Jerome Powell’s semi-annual testimony this week, and the US employment report for February seem to have weighed on GBP/USD prices amid a sluggish start. Also, a mixed performance from the US Treasury yields and stock futures in the US also challenged momentum traders even as prices posted modest losses. While reflecting the mood, the 10-year US Treasury yield surged to its highest since November 2022 before easing back to 3.95%. Reportedly, Wall Street closed higher but the S&P 500 remained hesitant to reverse early-day losses as of writing. Moving forward, Brexit headlines and the second phase of UK data might entertain GBP/USD traders but the focus will be on how Fed Chair Jerome Powell can push back policy pivot concerns. Also important to watch is Friday’s UK monthly data dump for January and the US NFP for February. Given the recent dim US statistical data, further weakness in the headline figures could see prices bottoming out for the cable. A clear downside break of the previous one-month-old resistance line, now support line around 1.2020, is needed for the intraday sellers. However, the 1.2000 psychological magnet and 200-DMA support around 1.1900 could challenge further downside for the GBP/USD pair. Alternatively, a daily close beyond the 50-DMA hurdle around 1.2140 could push the cable pair towards mid-February swing highs around 1.2270.
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