The US dollar index bounced back as investors shifted to a risk-off sentiment following the collapse of First Republic Bank.
The US dollar index bounced back as investors shifted to a risk-off sentiment following the collapse of First Republic Bank and after the weak US manufacturing output data. The GBP/USD pulled back to a low of 1.2500 as the US dollar index jumped to $101.87.The GBP/USD pair dropped as investors assessed the risks facing the American economy ahead of the Fed decision. On Monday, we witnessed the second-biggest collapse of an American bank after First Republic reported billions of outflows.
Therefore, the Fed is between a rock and a hard place considering that inflation remains at an elevated level and the economy is ging through a period of stagflation. Further tightening could lead to more challenges for the economy. “Signs point to the FOMC raising rates by 25 basis points to 5.25% in the May 3 decision — despite ongoing turmoil in the banking system — and signaling that this will be the last hike for a while.”
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