Pound Sterling Price News and Forecast: GBP/USD pound sterling awaits BoE Governor Bailey testimony
|Pound Sterling bounces back despite BoE shifts focus to duration of restrictive policy
The Pound Sterling (GBP) rises against the US Dollar in Tuesday’s European session as the market sentiment turned upbeat ahead of the release of the Federal Reserve Open Market Committee (FOMC) minutes, providing a fresh outlook on interest rates.
Apart from that, fresh guidance on interest rates from Bank of England (BoE) Governor Andrew Bailey and other policymakers in their testimony before the United Kingdom Parliament has strengthened the Pound Sterling. Read more...
GBP/USD Forecast: Pound Sterling awaits BoE Governor Bailey testimony
After edging higher during the European trading hours, GBP/USD lost its traction and closed the first day of the week flat near 1.2600. The pair stays on the back foot early Tuesday and trades slightly below that level.
Bank of England (BoE) Governor Andrew Bailey, Deputy Governor Ben Broadbent and Monetary Policy Committee (MPC) members Swati Dhingra and Megan Greene will testify before the UK Treasury Select Committee starting at 10:15 GMT on Tuesday. Read more...
GBP/USD edges lower to near 1.2580 on improved US Dollar, UK PMI, FOMC minutes awaited
GBP/USD continues to remain in the negative territory, trading around 1.2580 during the Asian session on Tuesday. The strength of the US Dollar (USD) could be attributed to the improved US Treasury yields, which in turn, weighs on the GBP/USD pair. Traders are awaiting meeting minutes from the Federal Open Market Committee (FOMC) scheduled for Wednesday.
The US Dollar Index (DXY) edges higher as the market returns from a holiday-extended weekend, snapping its four-day losing streak. The DXY trades higher around 104.40 with 2-year and 10-year yields on US bond coupons standing at 4.65% and 4.30%, respectively, by the press time. Read more...
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