GBP/USD skids to near 1.2100 as DXY turns volatile at open, Fed minutes buzz By Sagar_Dua24 GBPUSD Fed BOE Brexit Inflation
The release of the Fed minutes will be the major event for the greenback bulls.The GBP/USD pair has slipped to near the critical support of 1.2100 after facing barricades around 1.2118 in the Asian session.is in a correction mode after failing to sustain above 1.2160 on Monday, however, a resumption in the upside journey cannot be warranted as the market participants are awaiting the release of the Federal Open Market Committee minutes on Wednesday.
The release of the minutes after the policy announcement facilitates the market participants with more information on the condition of the US economy and how policy decisions will impact the economy further. Investors must be aware of the fact that the Federal Reserve announced a 75 basis point interest rate hike to combat the soaring inflation. The inflation rate has climbed to 8.6% despite the balance sheet reduction program and the elevation of the borrowing rates to 1.50-1.75%. The detailed minutes on the interest rate decision will delight investors and help them to take informed decisions.and enlarging real income shocks in the UK economy.
Also, the households in the UK economy are facing the headwinds of large real income shocks. The inflation rate in the pound region has surpassed 9% and its multiplier effects have trimmed the paychecks of the households. The Bank of England is highly required to focus on cooling off the ultra-hot inflation.
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