GBP/USD bulls are throwing in the towel at eight week highs – by fx_ross GBPUSD BOE Currencies Fed
. The rebound followed cooling concerns about the banking sector turmoil sparked by US tech lender Silicon Valley Bank and the emergency takeover of Credit Suisse by banking rival UBS. The worries of systemic stress had led to market volatility in the anticipation of more bank failures but these worries, however, have now faded. Investors took solace from First Citizens BancShares' agreement to buy all of the failed lender Silicon Valley Bank's deposits and loans.
Additionally, the fact that no further cracks have emerged in global banking this week is a positive. On Tuesday, Michael Barr, the Fed's vice chairman for supervision, told the Senate Banking Committee that Silicon Valley Bank's problems were due to "terrible" risk management, suggesting it could be an isolated case.may have provided some recent support as well.
´´Overall, the forward guidance was limited with the BoE leaving the door open for another hike at the May meeting if persistent inflation pressures persist,´´ analysts at Danske Bank argued.to include a final 25bp hike in May, marking a peak in the Bank Rate at 4.50%,´´ the analysts said.
´´Markets are pricing in 30bp of cuts during H2. We still believe that the first-rate cuts will not be delivered before the beginning of 2024,´´ the analysts concluded.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
British Pound Latest: GBP/USD Squeezes Higher as Risk Sentiment ImprovesFinancial markets received an early boost Monday after US bank First Citizen BancShares revealed that it had bought failed US lender Silicon Valley Bank. Get your market update from nickcawley1 here:
Read more »
GBP/USD bulls move in and look towards 1.2320GBP/USD is bid in Asia printing fresh corrective highs to 1.2317 and up 0.2% at the time of writing. Investors sought clarity on the fallout from the
Read more »
GBP/USD Price Analysis: Bulls need to get over the lineGBPUSD increased to a 7-week high of 1.2349, a key area of resistance as the following charts will illustrate. GBP/USD weekly charts The inverse head
Read more »
GBP/USD Price Analysis: Bulls run out of steam below 1.2390 resistance confluenceGBP/USD Price Analysis: Bulls run out of steam below 1.2390 resistance confluence GBPUSD Technical Analysis SwingTrading ChartPatterns Candlesticks
Read more »
GBP/USD meets supply near 1.2290, bears taking back chargeGBP/USD climbed to 1.2293 from a low of 1.2218 while the US dollar was weighed within a narrow range against most major currencies while traders sough
Read more »
GBP/USD Price Analysis: Extends bounce off 50-SMA towards 1.2330 support-turned-resistanceGBP/USD Price Analysis: Extends bounce off 50-SMA towards 1.2330 support-turned-resistance GBPUSD Technical Analysis TrendFollowing ChartPatterns Currencies
Read more »