GBP/USD gyrates in a bounded range above 1.2000 as Fed Powell’s testimony hogs limelight – by Sagar_Dua24 GBPUSD Fed BOE Inflation Employment
n a range of 1.2000-1.2050 from Monday as investors look more interested in going gung-ho for building positions after Federal Reserve chair Jerome Powell’s testimony.
S&P500 futures have added some gains after a directionless Monday, portraying a minor optimism among the market participants. The US is displaying a subdued performance as investors are awaiting Fed Powell’s testimony for further impetus. The return provided on 10-year US Treasury bonds has dropped marginally to 3.97%.
The street has a mixed response to Fed Powell’s testimony. One school of thought is of the view that Fed Powell won’t endorse more rates as January’s upbeat consumer spending might not continue ahead. Higher interest rates by the Fed have critically made the United States economy vulnerable. However, the other school of thought believes that the Fed will deliver a hawkish stance as the battle against persistent inflation is well complicated yet..
On the Pound Sterling front, Friday’s data will be keenly focused. United Kingdom’s monthly Industrial Production is expected to contract by 0.2% against an expansion of 0.3% reported in December. Monthly Manufacturing Production is expected to contract by 0.2% ahead.
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