GBP/USD bears back in as US Dollar resurges from US session lows – by fx_ross GBPUSD Currencies Brexit DollarIndex Fed
Despite softer US data, the greenback is correcting the sell-off on Tuesday. GBP/USD was making good ground on Tuesday following on from the rally that started on Monday in an agreement that was made and hailing the end of a tense dispute between Britain and the EU over Northern Ireland.
Despite some cooler data over the last couple of key releases, due to the prior slew of inflationary outcomes, the US rate futures have priced in a peak fed funds rate of 5.4% hitting in September. The market has all but priced out rate cuts this year. Consequently, the US, DXY, which measures the currency against a basket of major currencies, was higher by 0.18% in late morning trade on Wall Street and set for a February gain of over 2.5%, its first monthly increase since September.
As for the data that was released on Tuesday, showing signs of cracks in the economy, US single-family home prices increased at their slowest pace in December since the summer of 2020 while the US Chicago PMI fell to 43.6 in February, weaker than expected, after sliding to 44.3 in January. To round it off, Consumer Confidence also lost its footing this month to 102.9, down from a revised 106 reading last month.
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