GBP/USD remains close to near 1.3450 ahead of Q2 UK GDP data
GBP/USD stays silent after two days of gains, trading around 1.3440 during the Asian hours on Tuesday. The pair moves little ahead of the release of the United Kingdom’s (UK) Gross Domestic Product (GDP) data for the second quarter. The Office for National Statistics (ONS) is set to release Q2 UK GDP data at 06:00 GMT, with markets expecting steady growth of 0.3% quarter-over-quarter and 1.2% year-over-year.
The pair shows limited movement as traders exercise caution amid concerns that this week’s US jobs report may be delayed, with the government approaching a potential funding freeze and shutdown. Traders await the September Nonfarm Payrolls report for insights into the labor market, alongside data on job openings, private payrolls, and the ISM manufacturing PMI."
US President Donald Trump has warned of mass federal job cuts if Congress fails to pass a funding bill, effectively putting his own government at risk and threatening further disruptions to federal operations.
Market uncertainty increases as President Trump shared plans to impose a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a pharmaceutical company is building a manufacturing plant in the US. Trump also unveiled tariffs of 50% on kitchen cabinets and bathroom vanities and 25% on trucks.
Source: FXstreet.com