GBP/USD remains on the defensive around 1.2400 mark amid modest USD strength – by hareshmenghani GBPUSD Fed Bonds Majors Currencies
Bets for another 25 Fed rate hike in May underpin the USD and cap gains for the major.pair kicks off the new week on a subdued note and seesaws between tepid gains/minor losses through the early part of the European session. The pair is currently placed around the 1.2400 mark, nearly unchanged for the day, and for now, seems to have stalled its retracement slide from the highest level since June 2022 touched on Friday.
Investors, however, seem convinced that the US central bank will pause its rate-hiking cycle, sooner rather than later, amid signs of easing inflationary pressures. The expectations were boosted by the US CPI and the PPI report released last week, which indicated that disinflation is progressing smoothly. Moreover, the mostly downbeat USfigures on Friday reaffirmed the view that the Fed's year-long interest rate hiking campaign is cooling domestic demand.
In the absence of any relevant market-moving macro data from the UK, trades now look to the US economic docket, featuring the release of the Empire State Manufacturing Index later during the early North American session. Apart from this, the US bond yields, along with the broader risk sentiment, will drive the USD demand and produce short-term trading opportunities around the GBP/USD pair.
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