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%.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD attracts some buyers above the 1.2600 area, lacks bullish convictionThe GBP/USD pair recovers some recent losses and holds above the 1.2600 mark during the early European session on Monday. The major pair currently tra
Read more »
Pound Sterling Price News and Forecast: GBP/USD attracts some buyers above the 1.2600 areaGBP/USD lost nearly 100 pips on Friday and closed the previous week virtually unchanged. With the positive shift seen in market sentiment not allowing
Read more »
GBP/USD Price Analysis: Cable bears eye 1.2570 support and BoE Monetary Policy Report HearingsGBP/USD remains on the back foot around 1.2590-85 as it struggles to defend the weekly gain during the early hours of Monday’s Asian session. In doing
Read more »
GBP/USD trades with a mild positive bias around 1.2600, lacks bullish convictionThe GBP/USD pair edges higher on the first day of a new week, albeit lacks follow-through buying or build on its modest intraday gains around the 1.26
Read more »
Pound Sterling Price News and Forecast: GBP/USD edges higher amid subdued USD demandThe GBP/USD pair edges higher on the first day of a new week, albeit lacks follow-through buying or build on its modest intraday gains around the 1.26
Read more »
GBP/USD now faces downside risksEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD is predicted to meet a tough support around 1.2545 ahead of 1
Read more »