GBP/USD looks to regain 1.2100 on broad-based US Dollar weakness, mixed UK shopping data – by anilpanchal7 GBPUSD RiskAppetite Fed BOE Currencies
UK shoppers’ footfalls jumped 50% last year but stayed well below pre-pandemic levels.GBP/USD prints mild gains around 1.2085 as thebulls cheer mixed UK statistics, as well as the broad-based US Dollar weakness during Tuesday’s sluggish Asian session.
Recently, the Financial Times conveyed the British shopping figures from retail intelligence provider Springboard that shows a 50% jump in footfall versus December 26 last year. However, the news mentioned that the foot traffic on the high street was down 25.3% compared with pre-pandemic in 2019, while for shopping centers it was down 36.9%., mostly known as the Fed’s favorite inflation gauge, matched 4.7% YoY forecasts for November versus 5.0% prior.
It should be noted that China scrapped the COVID quarantine rule for inbound travelers, starting from January 08, which in turn triggered the market’s risk-on mood. The news joined geopolitical fears emanating from Russia and North Korea to portray cautious optimism in the market. As a result, S&P 500 Futures rise 0.60% intraday to 3,892 whereas the US 10-year Treasury yields remain sluggish at around 3.74% by the press time.
Even so, the holiday season and a lack of major data/events could join the recently upbeat sentiment to favor GBP/USD bulls.A clear upside break of the two-week-old descending trend line, around 1.2055 by the press time, keeps GBP/USD buyers directed towards the convergence of a downward-sloping resistance line from December 20, as well as the 100-HMA, close to 1.2100.
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