GBP/USD consolidates its recent gains to multi-month top, stuck in a range around 1.2500 – by hareshmenghani GBPUSD Fed BOE Majors Currencies
A combination of factors lends some support to the USD and acts as a headwind for the major.GBP/USD
A modest intraday uptick in the US Treasury bond yields, along with a mildly softer risk tone, assist the safe-haven US Dollar to stall its recent downfall to over a two-month low, which, in turn, acts as a headwind for the GBP/USD pair. The USD, however, struggles to gain any meaningful traction amid firming expectations that the Federal Reserve is nearly done with its tightening cycle.
The aforementioned factors, to a larger extent, helps offset mixed signals from the Bank of England policymakers over the future rate-hike path. In fact, the BoE MPC member Silvana Tenreyro on Tuesday advocated for consideration of cutting rates sooner than thought as the absence of cost-push shocks would bring down inflation well below targets.
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