The Pound Sterling (GBP) strives for a cushion, remaining vulnerable due to persistent inflation fears. The GBP/USD pair struggles for traction as the
Pound Sterling finds some support after a fresh four-day low as room remains open for further policy-tightening by the BoE. A slowdown in progress in achieving 2% inflation has escalated hawkish BoE bets. The market mood remains risk-off amid increasing Israel-Hamas tensions. UK Consumer Price Index report for September released on Wednesday showed inflation remains stubborn due to higher Oil prices, services inflation and strong wage growth.
The US Dollar remains firm against risk-perceived currencies ahead of the speech from Federal Reserve Chair Jerome Powell. It is highly likely that Powell will support the stance of keeping interest rates higher for a longer period to ensure the achievement of bringing back inflation to the 2% target. Jerome Powell may refrain from discussing the appropriateness of further policy tightening as higher US Treasury yields seem sufficient to lower overall spending and investment.
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