GBP/USD refreshes weekly high above 1.2650 as BoE prepares for a fresh rate hike GBPUSD Fed BOE NFP SEO
is struggling to find any support and has refreshed its day’s low near 101.12. The further downside in the USD Index looks promising as any further delay in the raising of the US debt ceiling would impact the long-term outlook of the United States economy dramatically. Steady US labor market performance for April month has receded chances of more rate hikes from the Federal Reserve . This has improved the demand for US government bonds.
In addition to that, monthly Average Hourly Earnings accelerated at a pace of 0.5% while the street was anticipating a pace of 0.3%. Going forward, robust earnings could propel US inflationary pressures as households would be equipped with higher funds for disposal. More demand for core goods could lead to a rise in Producer’s Price Index and henceforth fuel overall inflationary pressures.
As the US Treasury has delivered a deadline of June 01 when it will fail in making payments, US President Joe Biden has invited congressional leaders to the table on Tuesday for negotiations after a prior meeting in February. It would be worth watching a decline in the President’s spending initiatives against the raising of the US debt ceiling.UK’s double-digit sticky inflation has been a nightmare for the Bank of England policymakers.
The Bank of England has already paused interest rates heavily and it is highly expected that the pace of the interest rate hike would be 25 basis points , which will push interest
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