GBP/USD trades with modest intraday losses below 1.2800 mark, lacks follow-through – by hareshmenghani GBPUSD Fed Inflation BOE Currencies
ir currently trades around the 1.2775-1.2770 region, or a three-day low, still not far away from its highest level since April 2022 touched last Friday. builds on its recent recovery from over a one-month low and is seen as a key factor exerting downward pressure on the GBP/USD pair. The Federal Reserve last week paused its year-long policy tightening cycle, but signalled that borrowing costs may still need to rise as much as 50 bps and forecasted a higher peak interest rate this year.
Worries about a global economic slowdown, particularly in China, overshadow an interest rate cut by the People’s Bank of China . This is evident from a weaker sentiment surrounding the equity markets and drives some haven flows towards the Greenback. The USD bulls, however, seem reluctant to place aggressive bets and prefer to wait for fresh cues about the Fed's future rate hike path.
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