GBP/USD fell by 0.22 percent, which means that the pair dipped from 1.3064 price level to 1.3025 price level. The US Dollar particularly became more valuable during this festival period (Easter Monday), and with lots of catalysts such as economic data, Central Bank feelings, and the ongoing Russia-Ukraine struggle.
At the same time, traders and investors will be focusing on the Fed speak. The President of the Federal Reserve (St. Louis) and James Bullard’s (a member of the Federal Open Market Committee) speeches will be anticipated to give more understanding about the probable money policy that will be adopted by the Federal Reserve System. Nonetheless, the main event is Jerome Powell’s speech (Fed Chair) which will come up later in this week.
Opinions and Likely Catalysts
An analysis from TD security elaborated that they believe that The Federal Reserve is in synchronization with the action towards the region of neutrality by the end of this year, and the Fed Governor supported this view recently. The comments of Jerome Powell during an International Monetary Fund panel on the world economy will be attracting lots of attention said the TD Securities analyst.
The analyst also added that as the Federal Reserve is hinting at attaining a neutral position by the end of this year and commencing a violent Quarter rule, there has been little movement out of the gold market because players are excited to keep some optionality in opposition to the said Federal Reserve plan amid increasing worries.
At the same time, the Bank of England is being dovish going by the interest rate which they delivered last month (March) due to worries about the growth outlook. However, if inflation should become stronger than anticipated during the coming weeks, this could push for more decisive action.
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