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Market News As Fed Powell's Statement Takes Center Stage, GBP / USD Fluctuates In a Constrained Band Above 1.2000

As Fed Powell's Statement Takes Center Stage, GBP / USD Fluctuates In a Constrained Band Above 1.2000

Ahead of Fed Powell's statement, the GBP / USD currency pair is acting in a sideways fashion. The market's reaction to Fed Powell's statement regarding interest rate forecasts is divided. The UK's Industrial and Manufacturing Output statistics could decline as a result of the Bank of England raising rates (BoE).

Alina Haynes

2023-03-07

9641

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In the Asian session, the GBP / USD pair is performing poorly in a remarkably small band near 1.2020. Since Monday, the Cable has been oscillating between 1.2000 and 1.2050 as investors appear more eager to take positions after Federal Reserve (Fed) head Jerome Powell's statement.

After a directionless Monday, the S&P500 futures have made some gains, signaling a slight uptick in market confidence. As investors wait for Fed Powell's statement for additional motivation, the US Dollar Index (DXY) is showing a muted performance. The yield on US Treasury notes with a maturity date of 10 years has decreased slightly to 3.97%.

The public's reaction to Fed Powell's statement is conflicted. One school of thought holds that Fed Chair Powell won't support raising interest rates because January's strong consumer spending might not hold up going forward. The US economy is now extremely susceptible as a result of the Fed's higher interest rates.

Aside from that, this week's major event will be the release of job market statistics. The US Automatic Data Processing (ADP) Employment statistics for Wednesday is expected to be 195K, up from 105K in the previous report. Fears of higher Fed rates could be fueled by a strong job market. Additionally, it might raise concerns about a US economic downturn.

On the front of the pound sterling, Friday's statistics will be closely scrutinized. The monthly Industrial Output for the UK is predicted to decrease by 0.2% in January after growing by 0.3% in December. Monthly Industrial Output is anticipated to decrease by 0.2% in the near future.