GBP/USD consolidates above mid-1.2900s; remains close to multi-month peak set on Thursday
The GBP/USD pair lacks any firm intraday direction on Friday and oscillates in a narrow trading band, around the 1.2960 area during the Asian session. Spot prices, however, remain close to the highest since early November – levels beyond the 1.3000 psychological mark touched on Thursday – and remain at the mercy of the US Dollar (USD) price dynamics.
The Federal Reserve (Fed) maintained its forecast for two 25 basis points rate cuts in 2025 at the end of March policy meeting on Wednesday and gave a bump higher to its inflation projection. Adding to this, the uncertainty surrounding US President Donald Trump's trade tariffs and escalating geopolitical tensions underpin the safe-haven Greenback and turns out to be a key factor acting as a headwind for the GBP/USD pair. Read more...
GBP/USD drops as BoE holds rates, hints uncertainty on future cuts
The British Pound (GBP) depreciated against the US Dollar (USD) after the Bank of England (BoE) decided to keep rates unchanged and warned about interest rate cuts due to “a lot of economic uncertainty at the moment,” said BoE Governor Andrew Bailey. At the time of writing, GBP/USD is trading at 1.2964, down 0.29%.
Traders are still digesting the BoE’s decision, which wasn’t unanimous, with Monetary Policy Committee (MPC) member Swati Dhingra being the dissenter, with her voting for a 25 basis points rate cut (bps). Read more...
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