GBP/USD corrects to near 1.2250 as USD Index attempts recovery, Fed policy buzz – by Sagar_Dua24 GBPUSD Fed BOE Inflation DollarIndex
GBP/USD has shown a mild correction after failing to extend recovery above the 1.2280 resistance.BoE might continue its rate hiking spell despite global banking issues and declining inflation.has displayed a corrective move to near 1.2250 in the Asian session. The corrective move in the Cable has been witnessed as the US Dollar Index has shown a recovery move. The USD Index has printed an intraday high of 103.43 as pre-Federal Reserve anxiety is expected to play ahead.
On the United Kingdom front, a power-pack action is expected from the Pound Sterling this week amid the monetary policy announcement by the will be followed by Thursday’s BoE interest rate decision. As per the estimates, the annual headline CPI is expected to trim to 9.8% from the former release of 10.1%. While the core CPI that excludes oil and food prices would remain steady at 5.8%.
BoE Governor Andrew Bailey might continue hiking rates despite a decline in the inflationary pressures and potential banking crisis as the scale of CPI is extremely high. According to the consensus, the BoE would hike rates further by 25 basis points to 4.25%.
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