GBP/USD holds steady above mid-1.2000s post-US data, focus remains on FOMC.

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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EUR/USD continues to fluctuate in positive territory near 1.0150 on Wednesday as investors refrain from committing to large bets ahead of the Fed’s policy announcements. Despite the better-than-expected Durable Goods Orders data, the dollar struggles to find demand.


GBP/USD clings to modest gains around mid-1.2000s

GBP/USD has lost its bullish momentum after having climbed toward 1.2100 earlier in the session. With the dollar having a tough time gathering strength ahead of the Fed’s policy decisions, however, the pair manages to stay afloat in positive territory near 1.2050.


Gold struggles to find direction, trades near $1,720

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