GBP/USD stays defensive around 1.2400 amid banking turbulence, pre-data positioning – by anilpanchal7 GBPUSD Brexit Banks RiskAversion Fed
UK’s political crisis, banking fears and lack of hawkish BoE statements prod Cable pair’s corrective bounce.
That said, the major central banks’ attempts to restore market confidence by curtailing the US Dollar operations initiated during the first wave of the banking crisis seemed to have put a floor under the GBP/USD prices of late. “The world's top central banks are cutting the frequency of their dollar liquidity operations with the U.S. Federal Reserve from May, sending the clearest signal yet that last month's financial market volatility is essentially over,” said Reuters.
On Tuesday, the FRB renewed the woes of banking fallouts by flashing disappointing earnings reports and the executives’ resistance in taking questions, not to forget mentioning the absence of earnings guidance. Elsewhere, a jump in the UK’s borrowing in March that fuelled the British debt-to-GDP ratio reaching 100%, the highest since the 1960s, also weighs on the Cable pair prices.
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