GBP/USD ignores hawkish BOE bets around 1.1800, US data, Jackson Hole eyed – by anilpanchal7 GBPUSD BOE Fed RiskAppetite Recession
strength while paying a little heed to the hawkish market bets on the Bank of England’s next move.
It should be noted that the UK’s preliminary readings of August month PMIs flashed mixed readings as the Manufacturing gauge slumped to 46.00 versus 51.1 forecasts and 52.1 prior while the Services PMI improved to 52.5 versus 52.0 expected and July’s final score of 52.6. Elsewhere the comments from ex-Chancellor Rishi Sunak, suggesting less push for the Bank of England seemed to have eased the pressure off the GBP/USD and seemed to have favored sellers of late. “Rishi Sunak has suggested that Liz Truss would "spook" international investors if she threatened the independence of theOn the other hand, traders in fed funds futures are pricing in a 52.5% chance of a 75 basis-point rate hike at the Fed meeting next month.
On Tuesday, preliminary readings of the US S&P Global Manufacturing PMI for August eased to 51.3 versus 52.0 expected and 52.2 prior while the Services gauge plunged to 44.1 from 47.3, compared to 49.2 market forecasts. According to S&P Global, the US economy is also in trouble as the Composite PMI shrank to 45, its lowest in 27 months. Furthermore, the USfor July dropped to the lowest levels in six years, to 0.511M from 0.585M prior and 0.575M market forecasts.
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