GBP/USD catches fresh bids on Wednesday amid the emergence of some USD selling.The risk-on impulse is turning out to be a key factor undermining the safe-haven USD.
The GBP/USD pair maintains its bid tone through the early North American session and moves little in reaction to US macro data. The pair, however, has retreated a few pips from the daily high and is now seen trading just above the mid-1.2000s.
A goodish recovery in global risk sentiment – as depicted by a generally positive tone around the equity markets – is undermining the safe-haven US dollar and offering support to the GBP/USD pair. The USD bulls, meanwhile, seem rather unimpressed and largely shrugged off better-than-expected US economic data.
The monthly data published by the US Census Bureau showed that Durable Goods Orders in the US increased by 1.9% in July, beating by a big margin expectations pointing to a 0.4% decline. Orders excluding transportation items were also higher than consensus estimates and came in to show a 0.3% growth during the reported month.
The data eased concerns about an economic downturn, though could do little to provide any meaningful impetus to the USD or the GBP/USD pair. Traders seem reluctant and prefer to wait on the sidelines ahead of the highly anticipated FOMC monetary policy decision, scheduled to be announced later during the US session.
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