GBP/USD advances steadily on soft US Dollar as Fed officials hints 50 bps in December

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GBP/USD advances steadily on soft US Dollar as Fed officials hints 50 bps in December
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GBP/USD advances steadily on soft US Dollar as Fed officials hints 50 bps in December – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis

the likelihood of moderating the pace. Another factor, China’s Covid-19 outbreak, sparked investors’ fears, though they waned as Wall Street is trading in the green. At the time of writing, the GBP/USD is trading at 1.1872, above its opening price by 0.40%.President Mary Daly said she’s worried about overtightening, and she foresees rates initially at 5%, and from there, rates could go higher, depending on data.

Meanwhile, the ongoing Covid-19 crisis in China shifted market sentiment sour on Monday, though it waned, as Chinese authorities had not reimposed stricter lockdowns. Some of the newest measures suggested that some schools are back to online learning, while some districts in Beijing asked citizens to stay home for at least five days.is underpinned by expectations that the Bank of England would raise borrowing costs as they scramble to control 40-years high inflation.

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