In Tuesday’s session, the GBP/USD traded in the 1.2120 - 1.2200 range, closing with mild losses around 1.
The Cable slightly retreated and closed Tuesday with 0.15% losses at 1.2150. Markets aren’t discounting rate hikes for this week’s BoE and Fed meetings. Focus will be set on both bank's statements and their Chairman’s pressers. The BoE will release a fresh macro forecast. 2150. On the USD side, it gained momentum with the DXY Index, advancing to 106.70, mainly driven by a cautious market mood.
On the Bank of England’s side, investors aren’t foreseeing a hike and will also look for clues for placing their bets for the next meetings on the bank’s statement and on Andrew Bailey’s words.Regarding the forecasts, there are growing expectations that as recent economic activity data came in weak, the bank will revise to the downside growth estimations while inflation projections are expected to be revised to the upside as prices remain stubbornly high.
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