GBP/USD drops to 1.2700 neighbourhood, flirts with YTD low amid stronger USD By HareshMenghani GBPUSD Fed Coronavirus BOE Currencies
Following an early uptick to the 1.2770 region, the GBP/USD pair met with a fresh supply on Tuesday and turned lower for the fourth successive day amid the emergence of fresh US dollar buying. The prospects for rapid interest rate hikes in the US, along with the prevalent risk-off mood, pushed the USD to its highest level since March 2020 and exerted downward pressure on spot prices.
The markets have been betting on a more aggressive policy tightening by the Fed and expect a 50 bps rate hike at each of the next four FOMC meetings in May, June, July and September. Apart from this, fresh COVID-19 lockdowns in China fueled concerns about a global economic slowdown, which took its toll on the global risk sentiment and benefitted traditional safe-haven assets, including the buck.
On the other hand, the British pound was weighed down by the recent disappointing domestic data, which indicated that the UK economy is under stress from the soaring cost of living.
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