The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on May 6, at 15:30 MT time.
GBP/USD goes down steeply to 1.2870
On Monday, the GBP/USD pair didn’t manage to sustain the revival above 1.29 handle, and took a steep U-turn over the previous hour, as the bears were about to test the 1.2850 support.
The currency pair GBP/USD slumped below daily pivot, showing 1.2887
The latest series of dismal British fundamentals also keeps market sentiment around the British pound undermined because traders fear that the negative macro news could keep the Bank of England away from maintaining its latest hawkish stance.
Further, renewed weakness in crude prices along with fresh USD buying across the board, contributes to the latest leg lower in the spot. The greenback is still broadly underpinned because the bulls keep riding higher on positive American payrolls data published last Friday.
Traders are currently focused on the American labor market conditions index for new trading impetus because the British docket is still data-dry today.
The Bank of England will publish its Monetary Policy Report and Summary, Official Bank Rate, and its votes on May 5 at 14:00 MT.
The Reserve Bank of Australia will make the cash rate statement on May 3, at 07:30 MT.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.