GBP/USD breaks to the upside, eyes 1.2050s GBPUSD Currencies Fed BOE
The US Dollar lost some ground in the London fix which boosted the Pound to fresh session highs in New york, delving into 50% of the London session sell-off in a move that precedes a key speech from Federal Reserve's chairman,. There will be other Fed speakers as well as the start of the refunding auctions with the 3-year auction today.
Meanwhile, the UK's Monetary Policy Committee recently raised its policy rate by 50bp to 4.00%, which was in line with consensus but above our forecast for a 25bp hike. The vote was split 7-2, with the two members voting against preferring no change at all in Bank Rate.
''Concerned about inflationary pressure in the labour market ‘probably tilts us to saying we haven't quite got to the point where we're confident to engage in a discussion of a turning point in rates.'' had closed in the red for three day's in a row, a move up into the in-the-money shorts was anticipated:
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