GBP/USD oscillates in a range around 1.2700 mark, upside potential seems limited – by hareshmenghani GBPUSD Fed BOE Recession Currencies
ces, however, manage to defend the 200-hour Simple Moving Average and currently trade around the 1.2700 mark, nearly unchanged for the day.
The prospects for further policy tightening by the Federal Reserve push the US Dollar to a fresh weekly high, which, in turn, acts as a headwind for the GBP/USD pair. In fact, minutes from the June FOMC policy meeting released on Wednesday showed that almost all members supported resuming rate hikes as inflation remains unacceptably high. Furthermore, some members were in Favor of raising
rather than pausing at the June meeting, flagging a very tight labor market that threatens to push wages and inflation higher.reaffirms market bets for a 25 bps lift-off at the upcoming FOMC meeting on July 25-26 and led to the overnight sharp rise in the US Treasury bond yields. Apart from this, a generally weaker risk tone further benefits the safe-haven Greenback and should contribute to keeping a lid on any meaningful upside for the GBP/USD pair.
The aforementioned fundamental backdrop warrants some caution before positioning for an extension of the recent bounce from sub-1.2600 levels touched last week. Market participants now look to the UK Construction PMI for some impetus ahead of the- featuring the ADP report on private-sector employment, the usual Weekly Initial Jobless Claims, the ISM Services PMI and JOLTS Job Openings data.
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