GBP/USD bulls are throwing in the towel at eight week highs – by fx_ross GBPUSD BOE Currencies Fed
. The rebound followed cooling concerns about the banking sector turmoil sparked by US tech lender Silicon Valley Bank and the emergency takeover of Credit Suisse by banking rival UBS. The worries of systemic stress had led to market volatility in the anticipation of more bank failures but these worries, however, have now faded. Investors took solace from First Citizens BancShares' agreement to buy all of the failed lender Silicon Valley Bank's deposits and loans.
Additionally, the fact that no further cracks have emerged in global banking this week is a positive. On Tuesday, Michael Barr, the Fed's vice chairman for supervision, told the Senate Banking Committee that Silicon Valley Bank's problems were due to "terrible" risk management, suggesting it could be an isolated case.may have provided some recent support as well.
´´Overall, the forward guidance was limited with the BoE leaving the door open for another hike at the May meeting if persistent inflation pressures persist,´´ analysts at Danske Bank argued.to include a final 25bp hike in May, marking a peak in the Bank Rate at 4.50%,´´ the analysts said.
´´Markets are pricing in 30bp of cuts during H2. We still believe that the first-rate cuts will not be delivered before the beginning of 2024,´´ the analysts concluded.
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British Pound Latest: GBP/USD Squeezes Higher as Risk Sentiment ImprovesFinancial markets received an early boost Monday after US bank First Citizen BancShares revealed that it had bought failed US lender Silicon Valley Bank. Get your market update from nickcawley1 here:
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