GBP/USD remains depressed near mid-1.2100s amid modest USD strength, ahead of Fed’s Powell – by hareshmenghani GBPUSD Recession Bonds Fed Currencies
A combination of factors helps revive the USD demand and exerts pressure on the major.GBP/USD
A combination of factors assists the US Dollar to stage a modest recovery from a seven-month low set on Monday, which, in turn, is seen exerting some downward pressure on the GBP/USD pair. A goodish pickup in the US Treasury bond yields, along with a softer risk tone, help revive demand for the safe-haven greenback.
Apart the USD uptick could also be attributed to some repositioning trade ahead of Fed Chair Jerome Powell's speech, due later during the early North American session. Investors will look for more clarity on the Fed's rate hike path, which will play a key role in influencing the USD and provide a fresh impetus to the GBP/USD pair.
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