GBP/USD bulls step in at key support in the face of USD headwinds – by fx_ross GBPUSD Currencies DollarIndex Fed BOE
1.1462 and now testing the bear's commitments at 1.1500. The pound, however, is still losing some .03% on the day as the US dollar edges up following data showing US Retail Sales unexpectedly rebounded in August. increased 0.3% last month and the US dollar has held near recent peaks, supported by the view that the Federal Reserve will keep tightening policy aggressively.
The analysts expect 50bp hikes in September, November and December followed by a final 25bp hike in February 2023. ''The endpoint is thus lifted to 3.25% . We see the possibility for further hikes in 2023, if we see underlying inflation pressures to prove persistent.'' Politically, the analysts cite the newly elected Prime Minister Liz Truss; plans to add upside to inflation down the road with inflation possibly proving to be more persistent. ''This could highlight the need for further hikes in 2023, yet amid the deficit funding uncertainty we still lean towards 50bp next week.''
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