GBP/USD oscillates around the 1.2900 mark ahead of FOMC – by lilyfinancial GBPUSD Majors Fed
to gain as traders prefer to wait on the sidelines ahead of the Federal Open Market Committee's meeting scheduled later in the day. GBP/USD currently trades at 1.2901, down 0.01% for the day.
for July fell to 45.0 from 46.5 observed in June, worse than expected at 46.1. This figure registered the 12th straight contraction in the manufacturing sector. Meanwhile, the preliminary Services PMI declined to 51.5 from 53.0 prior and 53.7 expected. unexpectedly raised its Bank Rate by 50 basis points to 5.00%, prompting markets to rapidly price in a terminal rate of 6.50%.
On the US dollar Front, the Federal Reserve is scheduled to announce its monetary decision later in the North American session. The Fed is widely anticipated to raise interest rates by 25 bps to 5.25–5.50%. Market participants will also be paying close attention to Fed Chairman Jerome Powell's press conference as it might reveal some clues about the direction of monetary policy going forward.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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