GBP/USD pops in the open to test 1.2200 – by fx_ross GBPUSD Currencies BOE Fed
rattled markets and weighed on the pair later in the day. However, UBS is said to take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence which is putting a bid back into the pair. GBP/USD is up by some 0.2% and trading back in the 1.22s.
The UBS and Credit Suisse deal is expected to be closed by the end of this year. Colm Kelleher, chairman of UBS Group, said the agreement "represents enormous opportunities". He also said that his bank's long-term aim would be to downsize Credit Suisse's investment banking business and align it with the "conservative risk culture" of UBS.interest rate decisions. The BoE is expected to hike by 25bp on 23 March bringing it to 4.25%.
´´Markets are currently pricing around 15bp for the meeting, thus close to an equal implied probability for an increase of 25bp in the Bank Rate and an unchanged decision,´´ analysts at Danske Bank said. ´´While the latest UKreleases, in our view, still support a 25bp hike on Thursday, we acknowledge that the probability of the BoE keeping the policy rate unchanged has risen considerably amid rising systemic risk fears.
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