GBP/USD tanks more than 200-pips toward 1.2150s after BoE’s dovish hike, – by christianborjon GBPUSD Majors Macroeconomics BOE InterestRate
released by the United States and the aftermath of further rate hikes by the Federal Reserve weighed on the GBP. At the time of writing, the GBP/USD is trading at 1.2160, down more than 2%.US equities dwindled after the Fed’s decision, which opted to slow the rate increases but updated its terminal rate. The so-called dot plot, where policymakers project the Federal Funds rate in the future, was revised from September’s 4.6% to 5.
Earlier, the Philadelphia and New York Business Indexes reported disappointing figures, with the former sliding 13.8 points below expectations while the latter dropped 11.2, further away from its predicted contraction rate of 1%. Although falling, the Relative Strength Index is still in bullish territory, while the Rate of Change suggests that selling pressure is increasing.
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