GBP/USD buyers attack 1.1400 on chatters about UK politics, BOE’s QT – by anilpanchal7 GBPUSD BOE Fed RiskAppetite Politics
. In doing so, the cable pair takes clues from the market’s latest concerns surrounding the Bank of England’s next move, as well as the UK’s haywire political conditions.is set to further delay QT until gilt markets calm, shared by the Financial Times , recently fuelled the GBP/USD prices. “Central bank expected to bow to investor pressure for a fresh pause to start of £838bn government bond selldown,” adds FT.
Elsewhere, expectations that Britain will overcome the recession woes, despite political jitters, underpins the GBP/USD upside. The quote witnessed a notable upside and triggered the market’s optimism after British Finance Minister Jeremy Hunt, also called Chancellor, reversed the Tory government’s “mini-budget” announcements that created havoc in the UK markets.
It should, however, be noted that the doubts over the UK Prime Minister Liz Truss’ future, due to the outrage over the policy failure, seems to challenge the pair buyers. Reports also take rounds that some of the British policymakers are preparing to oust UK PM Truss by calling 1922 Chairman Sir Graham Brady.
On the other hand, US Dollar Index renews a one-week low near 111.85. In doing so, the greenback’s gauge versus the six major currencies ignores the market’s Fed wagers as the CME’s FedWatch Tool prints a nearly 95% chance of a 75 bps Fed rate hike in November. On the same line are the upbeat comments from US Treasury Secretary Janet Yellen, suggesting a strong US jobs market, as well as upbeat US inflation expectations as per the 10-year and 5-year breakeven inflation rates per the St.
Against this backdrop, S&P 500 Futures track Wall Street’s gains but the US 10-year Treasury yields retreat to 3.97%, which in turn favors the US Dollar Index bears of late.
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