Jun 3, 2021 14:41 GMTFXStreet News
GBP/USD failed to preserve upbeat UK PMI-inspired modest intraday gains to the 1.4200 mark.
A combination of factors continued underpinning the USD and capped the upside for the major.
Better-than-expected US ADP report, jobless claims did little to provide any meaningful impetus.
The GBP/USD pair struggled to capitalize on its intraday positive move and has now retreated over 50 pips from daily swing highs. The pair has now dropped to the lower end of its daily trading range and was last seen hovering around mid-1.4100s post-US ADP report.
The pair reversed an intraday dip and built on the previous day’s rebound from the vicinity of the 1.4100 mark. The intraday move up was led by upbeat UK Services PMI, which was revised higher and finalized at 62.9 for May as against 61.8 flash estimates. The data added to the optimistic outlook for the UK economic recovery and provided a modest lift to the British pound.
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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Initial cues from the U.S. Futures Index suggest that Wall Street might open lower. ADP's private-sector jobs report, initial jobless claims, and service
6/3/2021 1:44:32 PM GMT | By Eren Sengezer
Wall Street s main indexes push lower on Thursday.
All major sectors of S&P 500 trade in the negative territory.
Upbeat US data releases failed to help market sentiment improve.
Major equity indexes in the US opened deep in the negative territory on Thursday despite the upbeat macroeconomic data releases from the US. As of writing, the S&P 500 was down 0.6% on the day at 4,183, the Dow Jones Industrial Average was losing 0.45% at 34,443 and the Nasdaq Composite was falling 0.9% at 13,555.
Reflecting the risk-averse market environment, the CBOE Volatility Index (VIX), Wall Street s fear gauge, is rising more than 7% on a daily basis.