$GBPUSD Forex Signal: Gets Overbought Ahead of the Latest US Inflation Data
and Bank of England will change their tune on interest rates. It soared to a high of 1.2200 as US and UK bond yields plummeted to their lowest levels in months.American and British bond yields retreated spectacularly as volatility in the market continued. The main concern is that the banking sector is on edge following the collapse of Signature, Silicon Valley Bank, and Silvergate Capital.
The fear among economists was that the ongoing interest rate hikes would break some things. And it seems that the banking sector, which is core to the economy, has been the first one to break. This happened as shorter-dated bonds provide better returns than longer-term bonds. In a note, analysts at Goldman Sachs said that UK’s inflation will slip to the Bank of England's 2% target by the end of the year. The caveat is that this will happen if the government extends the £2,500 household energy bills cap in this week's budget.
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