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Bank of England to hike rates by 50 bps, fresh forecasts coming up. Concerns about a global economic setback weighed on US indexes. The GBP/USD pair is trading at 1.2265 at the time of writing.
The GBP/USD pair peaked at 1.2321 after Wall Street’s opening but trimmed intraday gains and hovers at around 1.2280. The pair ends the week flat, as demand for the US Dollar remained subdued.
US stocks witness mixed trading, with the Dow Jones Industrial Average and the S&P 500 in the red territory, but the Nasdaq Composite up measly 12 points. Generally better-than-anticipated US macroeconomic data has lifted concerns the US Fed will go for an aggressive 75 bps hike, which will end up raising the risk of a longer and steeper recession in 2023.
The week ahead will bring the monetary policy decisions of the US Federal Reserve, the European Central Bank, and more relevantly for the sterling, the BoE.
