Pound Climbs Ahead Of Fed Minutes
21 Agosto 2024 - 9:00AM
RTTF2
The pound advanced against its major counterparts in the New
York session on Wednesday, ahead of the release of the Federal
Reserve's July meeting minutes that could provide greater clarity
on monetary policy easing.
Remarks by Fed Chair Jerome Powell and other Fed officials at
the Jackson Hole Economic Symposium later in the week may also
offer additional clues about the likelihood of a rate cut next
month.
According to CME Group's FedWatch Tool, there is a 73.5 percent
of a quarter point rate cut next month and a 26.5 percent chance of
a half point rate cut.
Data from the Office for National Statistics showed that UK
government borrowing in July exceeded the official estimate and
also hit the highest for the month since 2021 due to the increase
in public spending.
Public sector net borrowing increased GBP 1.8 billion from the
previous year to GBP 3.1 billion in July. This was the highest July
borrowing since 2021.
The pound touched more than a 1-year high of 1.3068 against the
greenback. It may find resistance around the 1.33 level.
The pound climbed to 2-day highs of 191.49 against the yen and
0.8509 against the euro, from an early 2-day low of 188.93 and a
6-day low of 0.8544, respectively. It is poised to challenge
resistance around 193.00 against the yen and 0.84 against the
euro.
The pound recovered to 1.1164 against the franc, from an early
6-day low of 1.1106. Should the currency strengthens further, it is
likely to test resistance around the 1.13 region.
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