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GBP/USD hovers around 1.2500 with a positive tone amid hawkish BoE

November 27, 2023
in Business
GBP/USD hovers around 1.2500 with a positive tone amid hawkish BoE
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GBP/USD continues to gain ground on the hawkish tone from BoE officials.
BoE Chief Economist Huw Pill mentioned remaining firm in the battle against inflation.
US Dollar weakens on the speculations that the Fed might ease monetary policy in 2024.

GBP/USD trades around 1.2500 during the Asian session on Monday, attempting to extend gains for the third consecutive session. The GBP/USD pair received upward support from the hawkish tone of Bank of England’s (BoE) officials.

BoE Chief Economist Huw Pill, in a Financial Times (FT) interview on Friday, stated that the central bank will remain firm in its battle against inflation and emphasized that it cannot afford to loosen tight monetary policy. Additionally, BoE Governor Andrew Bailey’s recent hawkish comments highlighted the need for higher rates for an extended period.

The GBP/USD pair cheered up the positive PMI data from the United Kingdom (UK) released on Thursday. The UK business activity indicated signs of a turnaround, with the preliminary S&P Global/CIPS Services and Composite PMIs expanding in November after three consecutive months of contraction. The Services PMI and Composite PMI returned to expansionary territory, defying expectations of stagnation.

However, the Manufacturing PMI showed improvement, although it still lies below the expansion threshold. On the consumer front, GfK Consumer Confidence for November declined lower than expected.

US Dollar Index (DXY) extends losses despite US Treasury yields showing improvement. The 10-year US bond yield improves for the fourth successive session, and stays at 4.49%, by the press time.

Amid speculations that the US Federal Reserve (Fed) might ease monetary policy next year, recent comments from Fed officials last week have added nuance to the narrative. While there is speculation about potential policy easing, Fed officials have indicated the need for further tightening. Moreover, they emphasized that decisions will depend on incoming data, highlighting the importance of assessing economic indicators to take appropriate measures to address concerns related to inflation.

This week lacks any high-impact data release from the United Kingdom, market participants will likely focus on the speeches from Bank of England (BoE) officials. On the United States (US) docket, key indicators to watch include Gross Domestic Product Annualized (Q3), Core PCE – Price Index, and the ISM Manufacturing PMI.

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