GBP/USD turns sideways around 1.2440 as Fed-BoE eyes one more rate hike – by Sagar_Dua24 GBPUSD Fed BOE Inflation DollarIndex
The Fed and the BoE are expected to raise rates further by 25 bps to tame sticky inflation.The GBP/USD pair is oscillating in a narrow range of around 1.2440 in the Asian session. Investors are divided on supportingSterling or the US Dollar as the Federal Reserve and the Bank of England , both are expected to announce one more rate hike to continue weighing pressure on persistent inflation in respective economies.
S&P500 settled Wednesday’s session with nominal losses after Tesla missed margins due to price cuts, however, production guidance remains steady, portraying a caution in the overall market mood. is facing barricades while reclaiming the immediate resistance of 102.00. The USD Index saw a heavy correction after testing a weekly high of 102.20 as the release of the Fed’s Beige Book failed in fueling fresh blood in the former.
Data collected in the Fed’s Beige Book were limited to April 10, which showed that stagnant or nominal growth has been registered in the majority of districts. Lending volumes and loan demand generally declined across consumer and business loan types. Several Districts noted that banks tightened lending standards amid increased uncertainty and concerns about liquidity.
This has restricted the upside in the USD Index as the absence of growth and lower advances could impact overall economic activities ahead. On the United Kingdom front, the inflation report released on Wednesday showed that UK’s inflation is extremely persistent and is not ready to surrender space above a double-digit figure. Food price inflation has been registered as highest in the 45 years at 19.1%. Shortages of labor and energy crisis have been major drivers of heavily stubborn inflation.raising the key interest rate by 25 basis points in May.
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