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GBP/USD went into a phase of ranging during the European session on Today. This started following it’s attaining its highest value in one month, a value of 1.2191 during the early hours of today. However, the predominant cautious feeling in the market is restricting the uptrend of the pair. Consequently, this is because investors are waiting for important macroeconomic facts coming out of the United States.
The USD recorded huge losses yesterday, against its key competitor while the FOMC conference was ongoing. After which the Federal Reserve decided to increase the policy rate by 75 bps. The FOMC Chairperson: Jerome Powell declared that no guidance will be given concerning the coming interest rate choice.
Further GBP/USD Price Influencing Factors
However, Jerome Powell reckons with the fact that they perceive a reduction in requests during the second quarter. He repeated that the labor market remains tight. Despite these investors are weighing in below 30% probability of another 75 bps rate hike in two months. Subsequently, this is preventing the USD from acquiring strength.
At the same time, the United States index futures fell within the range of 0.25% and 1% during the European Session. Should Wall Street’s core index start steeply lower, the dipping United State dollar index may utilize the safe-haven movement to change direction.
The United States’ yearly GDP development for the 2nd quarter will be released by the US Bureau of Economic Analysis soon. The market agreement value is a 0.4% increase after the reduction of 1.6% which was recorded during the 1st quarter. Should a lower-than-predicted declaration might burden the USD. Nevertheless, fiat losses may be restricted if the Safe-Haven movement continues.
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