GBP/USD struggles to justify hawkish BoE concerns around 1.2700, UK inflation, FOMC Minutes in focus – by anilpanchal7 GBPUSD Fed BOE Inflation Employment
numbers amid economic fears and broad US Dollar strength ahead of the top-tier data/events. In doing so, the Cable pair justifies firmer US Treasury bond yields.
Previously, the UK economy unexpectedly grew in Q2, up 0.2%. UK GDP lifted 0.2% q/q in June, which, while low, was stronger than expectations of a flat outturn, and meaningful in the context of annual growth of just 0.4%. UK industrial production lifted 1.8% m/m in June, soundly beating expectations of just a 0.2% increase. Manufacturing output was up 2.4% m/m.
It’s worth noting that Federal Reserve Governor Michelle Bowman backed additional rate hikes and defended the Fed hawks. However, San Francisco Fed Bank President Mary Daly, Philadelphia Fed Bank President Patrick Harker and New YorkPresident John Williams signaled rate cuts in 2024 but also highlighted data-dependency and kept the policy doves looking for more details to confirm the bias.
Looking forward, this week’s UK employment, inflation and Retail Sales numbers will be crucial for the Pound Sterling traders to watch for clear directions amid the likely hawkish move of the
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