Pound Sterling Price News and Forecast: GBP/USD picks up bids to refresh intraday high
GBP/USD nears 1.2500 as doubts over Fed’s role in banking turmoil weigh on US Dollar
GBP/USD takes the bids to renew intraday high near 1.2490 as it cheers the broad US Dollar weakness ahead of the key Federal Open Market Committee (FOMC) monetary policy meeting announcements. In doing so, the Cable pair buyers also cheer the latest doubts on the Fed’s capacity to further inflate the benchmark rates.
On Tuesday, a top White House (WH) Economist Heather Boushey, a member of the White House Council of Economic Advisers, told Reuters that the Fed is raising interest rates in the hope of reducing inflation. That is having this negative effect on the banking sector. “Why would we add to that?,” said WH Economist Heather Boushey. Read more…
GBP/USD Price Analysis: To remain inside the woods till the release of Fed’s interest rate policy
The GBP/USD pair is demonstrating a sideways performance after around 1.2470 after a recovery move from 1.2440 in the early Toyo session. The Cable has defended its crucial support of 1.2440 for now, however, uncertainty will remain ahead of the interest rate policy by the Federal Reserve (Fed).
S&P500 futures have added more losses in early Asia after an extremely bearish Tuesday as concerns over a delay in the United States debt ceiling and deepening fears of a recession ahead of the Fed policy have dented the confidence of investors. Read more…