The British Pound (GBP) still trades on the back foot against the US Dollar (USD) slumps below the 1.2200 psychological level, with sellers setting th
eir sights on the 1.2000 figure. The GBP/USD is trading at 1.2159 after hitting a daily high of 1.2215.
Wall Street finished the session with losses as risk aversion continues to dominate the financial markets narrative. Traders bracing for the “higher-for-longer” Federal Reserve’s mantra has kept the Greenback rallying due to high US bond yields. Recently, other Fed speakers commented that the US central bank needs patience, while others like Fed Governor Bowman stressed that another interest rate hike is needed. Hence, based on the latest “dot plots” reported in September’s Summary of Economic Projections , thewould hike 25 bps toward the end of the year and would keep rates above the 5% threshold through all the next year.
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