GBP/USD treads water around 1.2250 ahead of PMI data, UK by-elections By anilpanchal7 GBPUSD PMI BOE Fed Politics
UK politics, Brexit woes exert downside pressure amid BOE’s reluctance for heavy rate hikes.UK by-elections’ results, preliminary readings of June’s PMIs and Powell’s testimony 2.0 will be crucial.
Increasing pessimism around UK PM Boris Johnson’s political position seems to exert downside pressure as Conservative leadership is at the test on Thursday due to the by-polls in Wakefield, West Yorkshire, and Tiverton and Honiton in Devon. “The Conservatives are braced to lose two parliamentary by-elections, according to senior party strategists, in moves that could prompt a renewed backlash against Boris Johnson,” per the Financial Times .
On the contrary, the four-month low inflation expectations in the US and Fed Chair Jerome Powell’s Testimony in favor of the current monetary policy propel the GBP/USD prices. That said, the US inflation expectations, as per the 10-year breakeven inflation rate per the St. Louis Federal Reserve data, dropped for the third consecutive day to the fresh low since late February, at 2.54%, by the end of Wednesday’s North American session.
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