GBP/USD stays defensive above 1.2400, focus on US inflation, BoE’s Bailey and Fed Minutes – by anilpanchal7 GBPUSD BOE Fed Inflation Brexit
That said, the latest headlines from Bloomberg suggest no more tight labor markets in Britain. “The number of people available to work in the UK rose for the first time in two years, easing one of the tightest labor markets in more than a generation, a survey compiled by S&P Global showed,” said the news.suggesting upbeat UK housing prices and allowed the GBP/USD buyers to remain hopes ahead of the top-tier data events.
Elsewhere, the latest comments from President and CEO of the Federal Reserve Bank of Minneapolis Neel Kashkari teases US Dollar bulls as he said, “2% inflation target should not be changed.” However, other Fed policymakers have flagged mixed concerns of late and pushed back the Cable bears. Among them, Philadelphia President Patrick Harker said that the Federal Reserve will continue to look closely at available data to determine what, if any, additional actions they may need to take.
It should be observed that the IMF revised down global real Gross Domestic Product growth forecast for 2023 to 2.8% from 2.9% in January's report. However, the global lender defends the major central banks’ fight against inflation and fails to offer any major signals for the GBP/USD pair traders. Against this backdrop, S&P 500 Futures remain directionless after a mixed Wall Street close while the US Treasury bond yields grind higher and prod the US Dollar sellers.
Moving on, the market forecasts suggest the headlines CPI to ease to 5.2% YoY versus 6.0% prior while the FOMC Minutes need to defend the rate hike trajectory to stop the GBP/USD bulls. Also important to watch is the meeting between US President Joe Biden and UK Prime Minister Rishi Sunak in Northern Ireland .
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