GBP/USD licks Fed-linked wounds at 37-year low under 1.1300, focus on BOE, Russia – by anilpanchal7 GBPUSD BOE Fed Russell Recession
ary policy decision on Thursday. Also restricting the Cable pair’s immediate moves could be the lack of major catalysts during the initial Asian session.
The quote dropped the fresh 37-year low after the US Federal Reserve announced 75 basis points of a rate hike. The Fed’s action was the third one in a line of such kind, as it wants to tame inflation fears even at the cost of a “sustained period of below-trend growth” and a softening in the labor market. Fedalso signaled that the way to tame inflation isn’t painless ahead. While the Fed matched market forecasts, the economic fears surrounding the rate hikes and expectations of another 0.
At home, UK Business Department announced on Wednesday that said it would cap the cost of electricity and gas for businesses. Following that, British Prime Minister Liz Truss also mentioned that they will be introducing low-tax investment zones across the UK, as reported by Reuters. It should be noted that the UK PM Truss also reiterated that they are open to negotiating a trade deal when the US is ready to do so.
Against this backdrop, Wall Street ended the day on a negative tone while the US Treasury yields also dropped amid the market’s rush for risk safety, which in turn drowned the AUD/USD prices due to the pair’s risk-barometer status.moves as the “Old Lady”, as it is popularly known, is expected to announce 50 basis points rate hike amid increasing inflation fears. However, the BOE’s peers from the US, Sweden and Brazil have recently announced a 0.
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