GBP/USD traders in high anticipation of Federal Reserve and Bank of England – by fx_ross GBPUSD SEO BOE Fed Currencies
lows near 1.2100. Fundamentally, all eyes will be on the Federal Reserve and Bank of England interest rate announcements this week.GBP/USD will be in the limelight this week due to the Monetary Policy Committee and Federal Open Market Committee meetings this week. The outcome of the meetings will set the interest rates for both the
As for the Federal Reserve, ''we expect the FOMC to deliver a 50bp rate increase at its December meeting, lifting the target range for the Fed funds rate to 4.25%-4.50%,'' analysts at TD Securities said. ''With both Average Hourly Earnings and core Personal Consumption Expenditures flat-lining near 5% for most of this year, we don’t think this expected tightening path will get inflation back to target, not when the labour market remains so firm and consumption is holding up,'' the analysts explained. ''Furthermore, the swaps market continues to price in an easing cycle in H2 2023. This seems highly unlikely and so the mispricing continues,'' the analysts argued.
''In November, the Bank of England's Governor Andrew Bailey indicated that the market may have been priced in a too aggressive path of policy tightening from the Bank,'' the analysts said.
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