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Market News GBP/USD continues within typical levels, although BoE is currently the primary focus

GBP/USD continues within typical levels, although BoE is currently the primary focus

In a well-known sideways trend, GBP/USD bears are restricting bullish gains. The Bank of England is the primary focus for the foreseeable future.

Alina Haynes
2022-06-24
677

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GBP/USD is attempting to climb within a crucial hourly range at 1.2247, but bears are restraining gains around the hourly high of 1.2270. The price just reached a low of 1.2240 as the US currency regains strength.

 

There has been nothing in the way of a spark for Asia's generally sluggish start to the weekend. The weakening of the yen has a ripple effect across the DXY index, exerting pressure on the dollar's competitors. At the time of writing, DXY is trading at 104.46, close to the day's high of 104.51, but USD/JPY soared again over 135 to print 135.22, the day's high to date.

 

The preliminary composite indicator of the PMI remained at 53.1 in June, above the consensus estimate of 52.6 in a Reuters survey of analysts, and unchanged from May. However, the PMI's index of new orders stalled as it dropped to 50.8, the lowest level in almost a year. Orders for manufactured goods fell below the 50 growth level to 49.6.

 

Next year, the United Kingdom risks having the advanced economy with the weakest growth, the highest inflation rate, and the largest current account deficit. According to Kit Juckes of Societe Generale,

 

Meanwhile, with a focus on domestics, the UK's inflation print and the more recent UK PMI result have bolstered expectations that the Bank of England, BoE, would raise rates by 50 basis points at its next meeting. The United Kingdom's central bank is on the lookout for indications that the recent spike in inflation, which reached a 40-year high of 9.1% in May, might become a persistent problem for the British economy.

 

The Bank of England (BoE) stated this week that it was prepared to move "forcefully" if it observed persistent inflationary pressures, implying that it may hike interest rates by more than its regular quarter-point rise despite recessionary worries. Overnight index swaps continue to price in 50bp moves by the Bank of England at each of its next three meetings. This outlines a path that would place Bank Rate above 3% by the end of the year.


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