GBP/USD trades with modest losses below mid-1.2400s, downside potential seems limited – by hareshmenghani GBPUSD BOE Fed RiskAppetite Currencies
The stronger UK CPI lifts bets for a 25 bps BoE rate hike in May and lends support to the GBP.GBP/USD
pair comes under some selling pressure on Wednesday and retreats further from the weekly high, around the 1.2470-1.2475 area touched the previous day. The pair remains on the defensive through the early part of the European session and is currently placed near the daily low, around the 1.2420 region., which, in turn, is seen exerting some downward pressure on the GBP/USD pair.
The markets now seem convinced that the US central bank will lift rates by 25 bps at the next policy meeting in May and have been pricing in a small chance of another rate hike in June. The bets were reaffirmed by the recent hawkish comments by several Fed officials. Moreover, the incoming macro data from the US pointed to a resilient economy and fueled concerns that the Fed may have more work to do to tame stubbornly high inflation in the US amid easing fears of a full-blown banking crisis.
This further fuel worries about the economic headwinds stemming from rising borrowing costs and tempers investors' appetite for riskier assets., which is evident from a generally weaker tone around the equity markets. The anti-risk lends additional support to the safe-haven Greenback and weighs on the GBP/USD pair.
, the Philly Fed Manufacturing Index and Existing Home Sales. This, along with the US bond yields and the broader risk sentiment, will drive the USD demand and provide some impetus.
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