Steeper downturn in the UK services sector weighs on the pound
GBP/USD extends decline, Oil resumes upward trajectory
GBP/USD declined to 1.2257 due to weaker flash services PMI, fueling more concerns about the UKs recession
USD/JPY remained stable at 148.38, near a 10-month peak after the Bank of Japan's dovish meeting
Oil prices held steady after Russia eased its fuel ban, with Brent crude futures at $93.44 per barrel and spot trading near $91.71.
Market watch of the day!
The GBP/USD pair extended its decline to 1.2257 today, on the back of weaker flash services PMI, the services sector scored a drop of 47.2 vs expectations of 49.3 and 49.5 previous adding to recession risk concerns.
On the same note, the flash manufacturing PMI surpassed expectations to 44.2 vs 43.3 expected and well above the 43.0 previous.
The USD/JPY remained relatively stable at 148.38, staying close to the currency pair's 10-month peak observed the previous week following the dovish meeting held by the Bank of Japan.
Meanwhile, The USD/CNY edged higher by 0.2% to 7.3092, as the Chinese yuan faced difficulties amid renewed worries about China's debt-laden real estate sector.
Oil prices remained stable on Monday following Russia's decision to ease its fuel ban, which tempered earlier price increases driven by concerns of a tighter supply situation and caution regarding interest rates that could potentially dampen demand.
Brent crude futures showed a modest gain of 17 cents reaching $93.44 per barrel. While in Spot trading Brent was last seen near $91.71.
U.S. stock futures extended declines as investors continued to digest the Fed’s signals from last week, and ahead of key PCE data from the US this week.