GBP/USD holds steady around mid-1.2400s, traders seem non-committed on Fed uncertainty – by hareshmenghani GBPUSD Fed Bonds BOE Currencies
ched the previous day. The pair is currently placed just below mid-1.2400s, up less than 0.10% for the day, and draws support from subdued US Dollar price action.
The USD Index , which tracks the Greenback against a basket of currencies, continues with its struggle to gain any meaningful traction in the wake of the uncertainty over the Federal Reserve's next policy move. Last week's dovish rhetoric by several Fed officials lifted bets for an imminent pause in the US central bank's policy tightening cycle.
Investors now seem convinced that the UK central bank will be far more aggressive in policy tightening to contain stubbornly high inflation and expect another 25 bps lift-off on June 22. Furthermore, market participants see a roughly 60% chance thatwill peak at 5.5% later this year. The bets were reaffirmed by the official consumer inflation data, which showed that the headline UK CPI fell less than expected in April and a closely watched measure of core price surged to a 31-year high.
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