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Aug 17 - 11:55 AM

GBP/USD - Survives Summer Setback On BoE's Back, Eyes 30-Day MA Above

By Content Admin  —  Aug 17 - 09:40 AM
  • GBP/USD broke the above the July-Aug down TL and eyes 30-DMA @1.2841

  • Recovers from Aug lows that held above cloud base and 100-DMA props

  • And also couldn't close below 61.8% of May-July rise at 1.2627

  • BoE being priced to hike another 75bp to 6% and not cut until Sep 2024

  • Fed not fully favored for one last 25bp hike, but with 1% of 2024 cuts

  • UK's record high basic wages and core CPI at 6.9% keep BoE tightening

  • Two-yr Gilts-Tsy yld spreads are up 22bp Since Aug. 10

  • Tsy yields backing off on Thur after nearing key pandemic peaks

  • 2- and 10-yr Gilts ylds are up 7.5bp and 9bp

  • The 10-WMA and last week's high at 1.2809/175 are ahead of the 30-DMA

  • UK retail sales are due out on Fri, seen pulling back from June's gains

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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