GBP/USD drops to fresh weekly low, holds above mid-1.2500s ahead of BoE – by hareshmenghani GBPUSD Fed Inflation BOE Currencies
lling pressure on Thursday. The downward trajectory remains uninterrupted through the early part of the European session and drags spot prices to a fresh weekly low, around the 1.2565 area in the last hour.
The US Dollar makes a solid comeback following the overnight modest downtick and jumps to over a one-week high, which, in turn, is seen exerting downward pressure on the GBP/USD pair. Despite signs of easing inflationary pressures in the US, traders remain uncertain over the Federal Reserve's next policy move. In fact, the current market pricing indicates a greater chance that the US central bank will leave intereststeady in June.
This, along with some repositioning trade ahead of the highly-anticipated Bank of England monetary policy decision, also seems to contribute to the offered tone surrounding the GBP/USD pair. The downside, however, is more likely to remain limited amid expectations that the UK central bank will hike interest rates by another 25 bps later this Thursday.
Hence, the market focus will be on the post-meeting press conference, where comments by Governor Andrew Bailey will influence the GBP. Later during the early North American session, traders will take cues from the US economic docket, featuring the release of the Producer Price Index and the usual Weekly Initial
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