GBP/USD pushes into upper 1.3500s as sterling remains buoyant on eve of BoE policy announcement By Frank_Macro GBPUSD BOE NFP Fed
ts 21-day moving average at 1.3557 before running into resistance ahead of the 1.3600 level. At current levels in the 1.3560s, the pair trades with on-the-day gains of about 0.3%, taking its on-the-week gains to about 1.3% and the rebound from last week’s sub-1.3400 lows to roughly 1.5%.
Market commentators are citing a combination of 1) a paring back of long positions and 2) a paring back on hawkishbets following recent policymaker communications as the major driver of recent US dollar weakness. Regarding positioning; MUFG noted on Wednesday that their 2yr z-score measure of Leveraged Funds’ long USD positioning is “at an extreme”, with USD longs at a level not seen since 2011.
Regarding recent Fed speak, policymakers played down the prospect of a 50bps rate hike in March. Meanwhile, though policymakers speaking this week have unanimously expressed support for the start of a rate hiking cycle next month, most emphasised a data-dependent approach when it comes to determining its timing, pace and extent. That implies that
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