GBP/USD climbs above the 1.1000 figure on soft US dollar – by christianborjon GBPUSD Majors Macroeconomics Fed
At the time of writing, the GBP/USD is trading at 1.1024, above its opening price by 1%, after hitting a daily low of 1.0759.In the North American session, US economic data was mixed, with GDP for the second quarter coming at -0.6%, as estimated by street analysts. Worth noticing that the government revised GDP data from 2016 Q4 to 2021 Q4, which showed that the economy’s recovery from the Covid-19 pandemic was stronger than initially reported.
At the same time, the US Department of Labor reported Initial Jobless Claims for the week ending on September 24, dropping by 193K less than 215K, showing the labor market resilience, despite headwinds spurred by the Federal Reserve’s restrictive stance. Meanwhile, Fed officials are keeping to its hawkish narrative. Cleveland’s Fed President Loretta Mester expressed she does not see distress in the US financial markets when asked about what’s happening in the UK. She acknowledged that the Bank of England’s actions pledged to stabilize theAside from that, Mester added that she still sees inflation as the economy’s main problem and commented that she does not see the case for slowing down. Furthermore, expects rates to peak around 4.6%.
Of late, St Louis Fed President James Bullard said the Fed would need to keep rates “higher for longer” and added that real rates in the positive territory are an “encouraging sign.” Nevertheless, he acknowledged the high recessionary risks while adding that the unemployment rate at 4.5% “would still be healthy for the economy.”
As a backdrop, the US Federal Reserve hiked rates in September by 75 bps, to 3.25%. Odds for the November meeting lie at a 70% chance of another increase of the same size, pushing interestEarlier, the UK’s Prime Minister Liz Truss said that she was willing to take “controversial” decisions, doubling down on its economic plan, laid out by her finance Minister Kwasi Kwarteng.During the last three days, the GBP/USD has recovered some ground vs. the greenback, though today’s rally is testing 1.
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