21 July 2021, GBP/USD
GBPUSD trading plan:
The spread on the ICE BofA U.S. High Yield Index, a commonly used benchmark for the junk bond market, spiked to 344 basis points as of the last update, its highest level since late March. The interest rate premium, investors demand to hold corporate debt over safer U.S. Treasuries, widened as high-yield bonds sold off a bit amid a rally in safe-haven Treasuries that sent yields to five-month lows. This is a negative signal for the U.S. currency. U.S. states putting an early end to federal unemployment benefits saw a larger jump in local labor supply in June than those planning to maintain the $300 weekly supplement until early September. State-level jobs data released earlier this month show that in the 26 states stopping benefits early an additional 174,000 people joined the labor force in June, by either taking jobs or beginning work searches, compared to 47,000 in the other states. A positive factor for the dollar.
Investment idea: range 1.3570 -1.3670.
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