GBP/USD gathers strength for more upside above 1.2450 as Fed to pause policy-tightening spell
GBP/USD is oscillating above 1.2450 after a recovery move and is looking to extend its rally further as the Federal Reserve (Fed) is considering a pause in the policy-tightening spell amid tight credit conditions by the United States regional banks. The US Dollar Index (DXY) is hovering near its day’s low around 103.00 as fears of a default by the US Treasury are escalating.
S&P500 futures have recovered decent losses added in early Asia, however, a cautious approach is still in season. US equities settled negative on Friday after US President Joe Biden denied approving partisan terms offered by House of Representatives Kevin McCarthy against delivering consent for a raise in the US debt-ceiling. Read more...
GBP/USD Price Analysis: Climbs firmly above 1.2450 ahead of Monday’s US borrowing cap talks
The GBP/USD pair has climbed back above the immediate resistance of 1.2450 in the early Asian session. An absence of positive development in US debt-ceiling talks this weekend has fueled worries of a default by the US Treasury. US President Joe Biden and House of Representatives Joseph McCarthy are scheduled to meet on Monday as less than two weeks are left for US Treasury to avoid a default on obligated payments.
S&P500 futures have added decent loss in early Tokyo amid sheer volatility. The US Dollar Index (DXY) is returning back to 103.00 after a short-lived pullback move. Rising chances of a steady interest rate policy by the Federal Reserve (Fed) and volatility associated with US debt-ceiling issues have restricted the upside for the USD Index. Read more...
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