GBP/USD bulls correcting the price towards 1.2050 into the FOMC minutes – by fx_ross GBPUSD DollarIndex Fed BOE Currencies
aggressively to battle inflation although softer-than-expected inflation in July had eased some concerns. On the other hand, looser financial conditions as benchmark 10-year Treasury yields hold below 3% has also increased the probability that the Fed may need to be more aggressive in hiking rates to make an impact. In any case, the release of the minutes from the Fed's July 26-27 policy meeting may shed light on just how aggressive they expect to be.
''WIRP suggests a 50 bp hike on September 15 is fully priced in, with 25% odds now seen of a larger 75 bp move. The swaps market is now pricing in 200 bp of tightening over the next 12 months which would see the policy rate peak near 3.75% vs. 3.25-3.50% at the start of this week and 3.0-3.25% at the start of last week.''The hourly chart, above, shows that the price could be on the verge of a downside extension. However, it is in a corrective phase currently.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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