The GBP/USD rose to the highest level since November 9th as hopes of a more hawkish Bank of England (BOE) rose.
The Bank of England surprised the market in December when it decided to hike interest rates by 0.25% amid a surge of Omicron cases in the. The bank judged that fighting inflation was a bigger priority considering that consumer prices have tilted upwards in the past few months.
The strong performance of the GBP/USD is likely because analysts expect that the BOE will embrace a more aggressive rate policy this year. Besides, the UK economy is expected to remain open since the symptoms of the Omicron variants are relatively mild. Recent data have shown that the UK economy is doing well. For example, on Tuesday, data published by Markit revealed that the country’s manufacturing PMI remained above the expansion zone of 50 in December. Later today, the company will publish the latest services PMI numbers that are expected to show that the PMI rose to 53.1 in December.
The GBP/USD pair also rose even after the strong American jobs numbers. According to ADP, the private sector added more than 800k jobs in December after adding over 500k jobs in the previous month. This increase was better than the median estimate of 400k. The data came a day after the Labor Department said that the US had over 10 million vacancies.
On Thursday, the US will publish the latest initial jobless claims numbers. Economists expect the data will show that the claims rose slightly because of the Omicron variant. The official non-farm payrolls will come out on Friday.On the four-hour chart, it has managed to move above the 25-period and 50-period moving averages. It also moved to the 61.8%
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