GBP/USD remains under pressure around the 1.2840 mark ahead of FOMC – by lilyfinancial GBPUSD Majors Fed
rea, gaining 0.1% on the day. Market mood turns cautious ahead of the Federal Open Market Committee's meeting scheduled on Wednesday.
US business activity slowed to a five-month low in July. The S&P Global Composite PMI declined to 52 from 53.2. The US S&P Globalincreased from 46.3 to 49, above market expectations. While the Services PMI decreased from 54.4 to 52.4, below expectations of 54, and the Composite PMI index fell to 52 from 53.2 in June.
Recent economic data shows cooling inflation and a tight labor market, which has led some to speculate that the Fed is about to end its tightening monetary policy. The FOMC meeting is largely expected to raise its benchmark rate by another quarter-point on Wednesday. It is widely anticipated that the Fed will raise interest rates by a quarter percentage point to 5.25–5.50%.
In the absence of top-tier economic data released from the United Kingdom, the USD's valuation is likely to continue to influence the pair's movement. Market participants will keep an eye on the FOMC meeting and Fed Chairman Jerome Powell's press conference. Apart from this, traders will take cues from US CB Consumer Confidence, Advance GDP QoQ, and the Fed’s preferred measure of inflation, the core Personal Consumption Expenditure Price Index MoM.
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