GBP/USD FOUND THIN GAINS ON QUIET MONDAY
- GBP/USD remains buoyed above 1.3100 on holiday market start to the trading week.
- UK data remains thin this week, Pound Sterling to rise and fall at the mercy of market flows.
- One last key US NFP print looms on Friday before upcoming Fed rate call.
GBP/USD turned into the midrange on Monday, plagued by a thin economic calendar on the UK side and shuttered US markets for the Labor day holiday. Despite a middling open to the trading week, Cable looks poised to continue a near-term pullback, assuming markets aren’t thrown into a tailspin by US jobs figures due later in the week.
The UK is poorly represented on the economic calendar throughout the week, with only low-tier prints on the offer for GBP traders. US Purchasing Managers Index (PMI) figures are dotted throughout the week, but US labor figures will be the key prints on both Thursday and Friday. US ADP Employment Change slated for Thursday represents the first hurdle on the road to Friday’s US NFP jobs data dump. This week represents the last major labor update for the US economy before the Fed delivers its hotly-anticipated rate call on September 18.
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