The British Pound (GBP) rebounds at around last Friday’s low of 1.2580s against the Greenback (GBP) and recovered the 1.2600 figure on Monday amid thi
British Pound recovers as investors reassess Fed tightening; eyes on upcoming BoE decision and economic indicators
Wall Street is closed today in observance of Labor Day. Last week’s US job data presented a mixed picture, withreaching 187,000, surpassing the projected 177,000 in August. However, this didn’t bolster the US Dollar, as the Unemployment Rate also ticked higher as anticipated. Subsequently, the Institute for Supply Management reported that US business activity, as indicated by the manufacturing PMI, scored 47.6, exceeding analysts’ estimates of 47.0 and the previous reading of 46.4.
As a result, investors significantly reduced their expectations for the US Federal Reserve’s further tightening of monetary policy. The likelihood of interest rate increases staying unchanged for the September meeting remains at 92%. Additionally, the first-rate reduction is projected for May 1, with traders anticipating rate cut odds around 5.14%, 19 basis points lower than the current effective Federal Funds Rate of 5.33%.
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