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During Monday’s Asian trading session, the GBP/USD erased recent losses and traded higher around the 1.2150 level. The challenge for the GBP/USD may be due to changes in discussions regarding the Federal Reserve’s monetary policy path.
Investors are expected to focus on the UK’s employment data. The change in employment for August is expected to be -195,000 and the UK unemployment rate – by ILO standards – will remain at 4.3% in August.
On Monday, the UK’s Rightmove Average Asking Price Index rose to 0.5% in October from the previous reading of 0.4%. The UK’s Rightmove Average Asking Price Index posted an annual rate of -0.8% in October, up from -0.4% the previous month.
At press time, the U.S. Dollar Index was trading slightly lower at around 106.50. U.S. data released last week was strong, with U.S. inflation data coming in higher than expected and initial jobless claims coming in lower than expected, which gave the dollar a boost.
However, the preliminary reading of the U.S. Michigan Consumer Confidence Index fell in October. Data released last Friday showed that the preliminary reading of the U.S. Michigan Consumer Confidence Index fell to 63.0 in October from the previous reading of 68.1, which was lower than the expected reading of 67.4.
Investors seem to be pricing in the prospect of another interest rate hike from the Federal Reserve. After a series of strong economic data releases from the United States, market expectations have changed. This could put downward pressure on the GBP/USD.
In addition, a rebound in U.S. Treasury yields after recent losses could support the Dollar. U.S. Treasury yields rebounded on Monday, with the 10-year U.S. Treasury yield at 4.65%, up 1.0%.
In addition, the dollar continues to benefit from safe-haven inflows amid rising geopolitical tensions between Israel and Palestine. An anonymous source told Reuters that U.S. officials are in talks with I
