GBP/USD reclaims 1.2000 as mood improves despite Fed commentary – by christianborjon GBPUSD Majors Macroeconomics Fed
escalation in China’s riot linked to the recent Covid-19 outbreak. Data from the United States was largely ignored by market players, with most focused on Wednesday’s crowded docket and Fed Chairman Jerome Powell’s speech. At the time of writing, the GBP/USD is trading at 1.2010.US equities wavered as Wall Street opened. On Monday, the St. Louis Fed President James Bullard said the Fed has “a ways to go to get to restrictive policy,” adding that the first 250 bps was to get rates neutral.
Aside from this, the Covid-19 outbreak in China has not escalated as initially thought, as global equities remained mixed but tilted to the upside. According to the Wall Street Journal, the National Health Commission urged local governments to avoid unnecessary and lengthy lockdowns. Chinese health officials said the Omicron variant is less severe while committed to vaccinating elder people aged 80 or older.
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