GBP/USD bears approach 1.1000 with eyes on UK employment data, BOE’s Bailey – by anilpanchal7 GBPUSD Employment BOE Fed RiskAppetite
e pre-data anxiety, a hawkish bias for the US Federal Reserve and the upbeat Treasury yields also weigh on the Cable pair, via a firmer US dollar Index .
That said, the CME’s FedWatch Tool signals a 78.4% chance of the Fed’s 75 bps rate hike in November. In doing so, the market players pay little attention to the mixed comments from Federal Reserve Vice Chair Lael Brainard and Chicago “US can lower inflation relatively quickly without recession or large increase in unemployment,” said Chicago President Charles Evans on Monday.
The US 30-year Treasury yields rise to a fresh high since January 2014 whereas the 10-year counterpart poke the 4.0% threshold amid the market’s rush for risk safety and the hawkish Fed bets. The risk aversion could also be linked to the recently fierce Russia-Ukraine tussles and the Sino-American tensions. While portraying the mood, the S&P 500 Futures that drop 0.50% as bears lean towards the monthly low.
At home, “British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department,” said Reuters. The
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