GBP/USD has plunged to the fresh lows of 2022 at 1.3185 amid extended dumping in risk-sensitive assets.US President Joe Biden seems determined to ban Russian oil imports by nations.The odds of a 50 bps interest rate hike in March’s monetary policy meeting are scaling higher.
The GBP/USD pair has plunged to the fresh lows of 2022 at 1.3185 amid intensifying fears over the Russia-Ukraine war. The failure from the second round of the Russia-Ukraine peace talks in providing an outcome of a ceasefire has elevated the fears. In addition to that, the agreement of allowing Ukrainian civilians to shift at the safe passages is also failing now.
Meanwhile, US President Joe Biden seems determined to ban Russian oil imports by the nations. The former is in discussion with European leaders to ban Russian oil but is also committed to providing an appropriate global oil supply. This has hammered the risk-sensitive assets on Monday.
The US dollar index (DXY) has surpassed 99.00 on rising expectations of a 50 basis point (bps) rate hike in March’s monetary policy meeting. The odds advocating the Fed’s 0.50% rate hike in March remained firmer, recently at 94% per the CME’s FedWatch Tool. Apart from that, the mighty greenback has been strengthened against the pound on upbeat US Nonfarm Payrolls. Stronger-than-expected US employment data has spurted the odds of a potential 50 bps interest rate hike.
Going forward, the headlines from the Russia-Ukraine war will continue to remain the major driver. While, the US Consumer Price Index (CPI) numbers later this week are likely to dictate the monetary policy action next week. The yearly US Inflation is likely to land at 7.9% higher than the prior figure of 7.5%. The British docket is full of events this week including: Like-For-Like Retail Sales, Gross Domestic Product (GDP) number, and Trade Balance.
EUR/USD: Rebound remains capped below 1.09 amid Ukraine crisis, oil shock
EUR/USD is seeing a dead cat bounce below 1.0900, as risk-off mood remains at full steam amid escalating Russia-Ukraine conflict, which has sent oil prices through the roof. More pain lies ahead for the ECB amid raging inflation and increased recessionary risks.
EUR/USD News
GBP/USD hovers around 1.3200 on intensifying Russia-Ukraine fears.GBP/USD is battling 1.3200 after hitting fresh 2022 lows at 1.3185 amid the Ukraine crisis-led risk-aversion and firmer US dollar. Oil prices rocket as US President Joe Biden appears determined to ban Russian oil imports.
GBP/USD News
GBP/USD hovers around 1.3200 on intensifying Russia-Ukraine fears.GBP/USD is battling 1.3200 after hitting fresh 2022 lows at 1.3185 amid the Ukraine crisis-led risk-aversion and firmer US dollar. Oil prices rocket as US President Joe Biden appears determined to ban Russian oil imports.
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