GBP/USD justifies fears about UK employment, growth around 1.2750, focus on UK GDP, US inflation – by anilpanchal7 GBPUSD BOE Fed Inflation GDP
three-week downtrend. In doing so, the Cable pair also justifies hawkish bias about the Federal Reserve , as well as the Bank of England’s failure to please optimists despite fueling interest rates to multi-year high. Furthermore, a cautious mood ahead of the first readings of the UK’s second quarter Gross Domestic Product and the US inflation numbers also keep the Pound Sterling sellers hopeful.
The latest outcome of the UK’s Recruitment and Employment Confederation , funded by the global quant giant KPMG, revealed downbeat employment conditions in Britain due to the economic pessimism. “British employers reduced the number of new permanent staff they hired through recruitment agencies by the most since mid-2020 last month due to concerns about the economic matched market forecasts by lifting the benchmark interest rates to the highest level in 15 years with a 0.25% increase to 5.25%.
Following the BoE Interest Rate Decision, Governor Andrew Bailey spoke at the press conference and ruled out the case for a 50 basis point rate rise in the latest meeting. Further, BoE Governor Bailey also conveyed expectations of witnessing softer inflation, as well as the hopes to deliver the path they expect with no recession while adding, “We will have to see." It’s worth noting that BoE Governor also mentioned, “Projection for economic activity has weakened since May.
The same contrasts with the recently hawkish comments from Federal Reserve Governor Michelle Bowman as she said during the weekend that the Fed should remain willing to raise the federal funds rate at a future meeting if the incoming data indicate that progress on inflation has stalled.
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