GBP/USD bears stay in control as traders ramp up Fed bets – by fx_ross GBPUSD Fed DollarIndex Currencies
esumed its relentless move higher on Thursday, charting new 24-year highs in the DXY index that tracks the greenback against six counterparts up more than 13% this year. It was last up 0.64% on the day at 108.710.
Markets are fixated on the Federal Reserve which is widely expected to raise the federal funds rate by 75 basis points at its July 26-27 meeting. The Consumer Price Index data for June that was released Wednesday morning surprised to the upside, coming in far stronger than expected. The Fed's Beige Book report on Wednesday afternoon also indicated that inflation remains brisk and labour markets tight, but there were signs that demand has slowed.
As for domestic fundamentals, the pound will be subject to political uncertainties. ''The combination of slow growth, debt and high inflation is likely to provide very tricky for the new Tory leadership,'' analysts at Rabobank explained.
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