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Dec 14 - 11:55 AM

GBP/USD - Bulls Plot Their Way To Fed's New Dots And Fed-BoE Rates Convergence

By Content Admin  —  Dec 14 - 10:35 AM

  • Sterling rose 0.4%, holding post-U.S. CPI gains before Fed events

  • UK inflation also backed off, but services held 30-yr high nL8N334153

  • Fed terminal rate trimmed to 4.8% from recent 5%+, end 2023 at 4.3%

  • BoE seen hiking another 165bp to 4.58% by Sept, dip to 4.46% by Dec

  • BoE facing stiffer inflation fight and increased worker strikes

  • BoE now priced above Fed rate end-2023, thus focus Wed on Fed's dot-plots

  • Prices up against 55-WMA at 1.2456 versus Tues's 1.2443 6-mo high

  • US stocks firmer, hurting haven USD, helping risk-driven pound

  • But market on hold until Fed update and Powell presser this afternoon

  • Pair a bit overbought, but specs still net short and May highs eyed

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Refinitiv IFR Research/Market Commentary


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