GBP/USD reversed its direction after dipping below 1.2700 on Wednesday and closed the day decisively higher, supported by the broad-based selling pressure surrounding the US Dollar (USD).
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In the post-meeting press conference, Fed Chairman Jerome Powell downplayed the stronger-than-forecast inflation readings and opened the door to anextended USD selloff. Powell acknowledged that inflation numbers were quite high in January and February but said that they have not changed the overall story on disinflation, explaining that they were higher due to seasonal effects. The BoE is also forecast to maintain the interest rate at 5.25%.
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