GBP/USD bears could be looking to guard the 1.2420s GBPUSD Currencies BOE Fed
turned risk-averse amid worries about earnings in the banking sector especially which drove the US Dollar higher. The DXY index, which measures the US dollar vs. a basket of currencies, benefitted from the related risk-off flows and touched a high of 101.949.
Plunging deposits at First Republic Bank have reignited worries over the health of the banking sector. Additionally, UBS reported a 52% slide in quarterly income as it prepared to swallow fallen rival Credit Suisse. Meanwhile, a weak consumer confidence report added to the rout in stocks on Wall Street as did the decline in Federal Reserve manufacturing data, supporting the US Dollar for its safe haven qualities. Deputy Governor Broadbent defended the bank’s policies.
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