GBP/USD stuck in a range around 1.1600 mark, downside remains cushioned – by hareshmenghani GBPUSD Fed Bonds BOE Currencies
The US dollar kicks off the new week on a positive note and looks to build on its recent strong bounce from over a one-month low, which, in turn, acts as a headwind for the GBP/USD pair. Investors turned cautious following the disappointing release of Manufacturing PMI from China, which unexpectedly shrank in October. This adds to worries about economic headwinds stemming from the resurgence of new COVID-19 cases in China and tempers investors' appetite for riskier assets.
Apart from this, elevated US Treasury bond yields, bolstered by bets for another supersized 75 bps Fed rate hike in November, continue to underpin the greenback. That said, signs of a slowdown in the US economy might force the Fed to soften its hawkish stance. This, in turn, is holding back the USD bulls from placing aggressive bets.
The Fed is scheduled to announce the outcome of a two-day policy meeting on Wednesday. This will play a key role in influencing the near-term USD price dynamics and help determine the next leg of a directional move for
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