GBP/USD plunged below 1.2300 post US data amidst a buoyant USD – by christianborjon GBPUSD Majors Macroeconomics Currencies
hat inflation continued to ease, incrementing expectations that US Federal Reserve’s rate hikes would moderate. At the time of typing, the GBP/USD is trading at 1.2291.Wall Street advances after employment costs data cooled down. The US Department of Labor revealed that the Employment Cost Index used by Fed officials as a measure of inflation in the labor market eased from 1.2% to 1% QoQ.
by 25 bps at its two-day meeting, which begins today and finishes on Wednesday when the US central bank releases its monetary policy statement., a measure of the American Dollar value versus its peers, has paired some of its losses and is up 0.08%, at 102.316, a tailwind for the GBP/USD. Across the pond, the UK’s economic docket was absent. However, newswires reported that the International Monetary Fund revealed that Britain’s economy would slide into a recession. The IMF foresees the economy to shrink 0.5% between the 2022 Q4 and the final quarter of 2023.
It should be said that the IMF updated its forecasts and expects the global economy to grow by 2.9% compared to its last projections of 2.7%, citing economic resilience and China’s reopening.
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