The GBP/USD currency pair has been experiencing a significant price correction in recent days, dropping below the key level of 1.25. This drop comes ahead of several key data releases from the United States, which are expected to have a significant impact on the currency markets.
One of the most important data releases is the US non-farm payrolls report, which is due to be released on Friday, July 2nd. This report provides a snapshot of the US labor market, including the number of jobs added or lost in the previous month, as well as the unemployment rate and average hourly earnings.
The non-farm payrolls report is closely watched by traders and investors, as it provides important insights into the health of the US economy. A strong report, with higher-than-expected job growth and wage increases, could boost the US dollar and put further pressure on the GBP/USD pair.
Another key data release is the US ISM Manufacturing PMI, which is due to be released on Wednesday, June 30th. This report measures the level of activity in the US manufacturing sector, including new orders, production, and employment.
A strong ISM Manufacturing PMI reading could also boost the US dollar, as it would suggest that the US economy is continuing to recover from the pandemic-induced slowdown. This could put further pressure on the GBP/USD pair, which has already been struggling in recent weeks.
In addition to these data releases, traders and investors will also be closely watching any developments related to the ongoing Brexit negotiations between the UK and the European Union. Any signs of progress or setbacks in these negotiations could also impact the GBP/USD pair.
Overall, the key US data releases ahead are likely to have a significant impact on the currency markets, particularly on the GBP/USD pair. Traders and investors should stay informed and be prepared for potential volatility in the coming days.
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