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As conflicting Fed remarks put US dollar investors to the test and the UK/US PMI is in focus, GBP / USD pair is attempting to regain 1.2000

Alina Haynes

Mar 03, 2023 13:55

GBP:USD.png 

 

GBP / USD recovers from its weekly low as it re-establishes its hourly high near 1.1970 and records its first daily gain in four sessions on Friday morning. As the Federal Reserve (Fed) speakers struggle to defend the hawkish bias, the Cable duo pays little attention to the Brexit-negative headlines and the Bank of England's (BoE) officials' varying opinions.

 

According to Raphael Bostic, head of the Federal Reserve Bank of Atlanta, the central bank might be able to stop the present tightening cycle by mid- to late summer. Susan Collins, president of the Boston Fed, disagreed, telling Reuters that extra rate hikes are required to control inflation. She continued by saying that the size of interest rate rises will be determined by the inbound data.

 

On the other hand, Chief Economist Huw Pill told Reuters on Thursday that survey data that has since become accessible has surprised to the positive, suggesting that the present economic activity momentum may be a little better than expected. According to Reuters, the most recent decision maker panel (DMP) poll from the Bank of England (BoE) showed that "businesses' forecasts for their own-price inflation fell in February."

 

Boris Johnson, a former British prime minister, criticized Rishi Sunak, the current prime minister, for allowing the EU to maintain an excessive amount of power in the United Kingdom. Johnson of the United Kingdom added, "We must be clear about what is happening in this situation. This is not about the Kingdom regaining power. This is the EU kindly rejecting our requests in our own nation. Not by our rules, but by theirs." The Democratic Unionist Party (DUP) of Ireland voiced doubt about backing the most recent deal regarding the Northern Ireland Protocol prior to the debate in the British Parliament (NIP).

 

Wall Street finished on an optimistic note after a rough start, while the S&P 500 Futures were slightly down as of press time. In addition, the yield on US 10-year Treasury bonds increased to its highest level since early November 2022, crossing the 4% mark, while the yield on the 2-year bond increased to its highest level since 2007, reaching 4.94%. However, bond coupons have lately dropped from their multi-month peak.

 

Notably, the US-China friction at the G20 summit was stoked by the former's push for penalties against nations with close links to Russia and support for Moscow in the conflict with Ukraine. The following dovish Fed remarks and Sino-American trade discussion discourse appeared to have tempered the risk-averse mood.

 

Looking ahead, comments from lower-level BoE and Fed officials will be made to entice GBP / USD pair buyers after the final readings of the UK S&P Global/CIPS Services PMI for February, which are anticipated to support the original estimate of 53.3. However, the US ISM Services PMI for February, which is predicted to be 54.5 compared to 55.2 in January, will receive a lot of notice.

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