GBP/USD approaches 1.2300 as USD Index bulls loose grip ahead of UK/US PMIs GBPUSD Fed BOE SEO PMI
. The Cable remained topsy-turvy after the interest rate decision by the Bank of England .
The USD Index is demonstrating exhaustion after a decent rally to near 102.68. The mighty US Dollar is sensing the heat as investors are anticipating that the United States inflation has entered into an Armageddon, and qualitative and quantitative tools against Consumer Price Index would be extremely sharpened.
Also, commentary from US Treasury Secretary Janet Yellen for widening the insurance blanket for deposits has infused some confidence among market participants. The US Secretary Yellen cited that the government is ‘prepared for additional deposits actions if warranted’.The street has started making long-term bearish bets for the US Dollar as Federal Reserve chairdelivered signs of concluding the year-long rate-hiking spree to avoid any further mess in the banking crisis.
Analysts at Danske Bank consider that both growth and domestic inflation have surprised to the upside and given BoE’s message, they pencil in an additional 25 bps hike in May 2023.
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