GBP/USD seesaws above 1.2500 with eyes on UK employment, US Retail Sales and debt ceiling talks – by anilpanchal7 GBPUSD BOE Fed FiscalPolicy Employment
Cable pair managed to cheer hawkish comments from the Bank of England Chief Economist, as well as broad US Dollar retreat amid mildly positive sentiment, the previous day. However, traders remain cautious as they approach monthly readings of the UK employment readings, US Retail Sales and the all-important US debt ceiling talks.
“The Bank of England needs to guard against second-round inflationary effects which could see inflation bottom out at 4% or 5%, rather than return to its 2% target,On the other hand, the White House announced a meeting between President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy to overcome the looming US default. Ahead of the event, the US policymakers appear somewhat optimistic on extending the debt ceiling limit before the June expiry.
Apart from the risks, the largest fall US NY Empire State Manufacturing Index since April 2020, to -31.8 for May, joined mixed Fed talks to also weigh on the US Dollar. That said, Atlanta Fed President Raphael Bostic told CNBC on Monday that there is still a long distance to go on inflation and added that they may have to "go up on rates," as reported by Reuters. Bostic further noted that he will not be looking at cutting until well into 2024 in his baseline scenario.
Amid these plays, Wall Street closed with mild gains and the US Treasury bond yields dribbled in a positive territory. That said, the
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