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Pound Sterling holds gains near 1.3400 as Fed dovish bets increase
The post Pound Sterling holds gains near 1.3400 as Fed dovish bets increase appeared on BitcoinEthereumNews.com. The Pound Sterling remains firm near 1.3400 against the US Dollar as the Fed is expected to cut interest rates again by 50 bps in November. BoE Governor Andrew Bailey sees a gradual decline in interest rates. Investors await the US PCE inflation data for August on Friday for fresh clues on the Fed’s interest rate prospects. The Pound Sterling (GBP) edges lower in Wednesday’s London session but manages to cling to recent gains against the US Dollar (USD) near the round-level figure of 1.3400. The GBP/USD pair remains firm as the US Dollar extends its downside to near the yearly low on expectations that the Federal Reserve (Fed) could deliver one more big interest rate cut in one of the two policy meetings remaining this year. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, hovers near 100.20. Last week, the Fed started the policy-easing cycle with a 50-basis points (bps) reduction in interest rates to the range of 4.75%-5.00%, with the aim of reviving labor market strength. The Fed also gained confidence that inflation will sustainably return to the bank’s target of 2%. Out of the 12 members-led Federal Open Market Committee (FOMC), only Fed Governor Michelle Bowman supported a gradual beginning of the rate-cut cycle with a standard 25 bps cut. According to the CME FedWatch tool, the central bank is expected to reduce its key borrowing rates further by 75 bps in the remainder of the year, suggesting that there will be one 50 bps and one 25 bps rate cut. The 30-day Federal fund futures pricing data shows that the probability of the Fed reducing interest rates by a double dose of 50 bps in November has increased to 59% from 37% a week ago. Going forward, investors will shift…
The post Pound Sterling holds gains near 1.3400 as Fed dovish bets increase appeared on BitcoinEthereumNews.com.
The Pound Sterling remains firm near 1.3400 against the US Dollar as the Fed is expected to cut interest rates again by 50 bps in November. BoE Governor Andrew Bailey sees a gradual decline in interest rates. Investors await the US PCE inflation data for August on Friday for fresh clues on the Fed’s interest rate prospects. The Pound Sterling (GBP) edges lower in Wednesday’s London session but manages to cling to recent gains against the US Dollar (USD) near the round-level figure of 1.3400. The GBP/USD pair remains firm as the US Dollar extends its downside to near the yearly low on expectations that the Federal Reserve (Fed) could deliver one more big interest rate cut in one of the two policy meetings remaining this year. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, hovers near 100.20. Last week, the Fed started the policy-easing cycle with a 50-basis points (bps) reduction in interest rates to the range of 4.75%-5.00%, with the aim of reviving labor market strength. The Fed also gained confidence that inflation will sustainably return to the bank’s target of 2%. Out of the 12 members-led Federal Open Market Committee (FOMC), only Fed Governor Michelle Bowman supported a gradual beginning of the rate-cut cycle with a standard 25 bps cut. According to the CME FedWatch tool, the central bank is expected to reduce its key borrowing rates further by 75 bps in the remainder of the year, suggesting that there will be one 50 bps and one 25 bps rate cut. The 30-day Federal fund futures pricing data shows that the probability of the Fed reducing interest rates by a double dose of 50 bps in November has increased to 59% from 37% a week ago. Going forward, investors will shift…
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