GBP/USD snaps three days of consecutive gains slumps on risk aversion spurred by the clash between Israel and Hamas after the latter struck an attack
GBP/USD dips 0.30% to 1.2199, influenced by geopolitical tensions and contrasting economic indicators. Dallas Fed President Lorie Logan underscores restrictive policy and inflation focus, while UK data signals slowdown. GBP/USD lacks direction with upcoming UK GDP and US inflation data to provide a fresh impetus. during the weekend. Consequently, risk-perceived currencies depreciated to the benefit of safe-haven peers, including the Greenback . The GBP/USD is trading at around 1.2199, down 0.
Sources cited by Reuters commented that “no further rate hikes by the BoE” are expected. Money market futures see it otherwise, with odds for December and February at 40% and 50%, respectively, that the Bank of England would raise its Bank Rate. On the US side, the CME Fed Watch Tool portrays investors who remain skeptical. In fact, traders expect the US Federal Reserve’s first rate cut by May 2024, with odds standing at 51.97%.
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