GBP/USD bears approach 1.2250 amid dicey markets ahead of key UK/US economics – by anilpanchal7 GBPUSD Brexit BOE Fed RiskAversion
stays defensive near 102.60 after bouncing off a seven-week low the previous day but the US 10-year and two-year Treasury bond yields remain depressed around 3.39% and 3.80% respectively by the press time. While portraying the mood, the S&P 500 Futures struggle to copy Wall Street’s positive moves.
Also contributing to the GBP/USD weakness are comments from US Treasury Secretary Janet Yellen and Chair of the Basel Committee on Banking Supervision, Pablo Hernández de Cos. Financial Times recently mentioned said that the head of the world’s top financial regulator, Pablo Hernández de Cos, has called for tighter rules to clamp down on risks spreading from so-called “shadow banks” to other parts of the banking system. On the other hand, US Treasury Secretary Janet Yellen said on Thursday, “China and Russia may want to develop an alternative to the US dollar,” while also showing preparedness for additional deposit actions `if warranted'.
On a different page, US second-tier data has been impressive of late and keeps the Fed hawks hopeful despite the latest disappointment from the US central bank. On the other hand, Bank of England stays ready for further rate hikes should inflation stays high, which in turn joins the Brexit optimism to keep GBP/USD firmer.
Looking ahead, UK Retail Sales for February and preliminary readings of the UK and US PMIs for March will join the US Durable Goods Orders for February to entertain the Cable pair traders. However, major attention should be given to the banking headlines and Fed/BoE bets for clear directions.
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