Forex News June 16, 2022

Sterling

  • GBP/USD climbs back up from 1.2040 to 1.2175, testing its 100-hour moving average once more as traders digest the BOE decision.
  • The BOE may be taking a more gradual approach for the time being, but money market bets on a more aggressive push by the central bank are not abating.
  • With only four policy meetings remaining this year, traders are increasing their bets that the BOE will raise interest rates to 3% by the end of the year. To put it another way, that’s at least seven 25 basis point rate increases.
  • This alludes to traders expecting a more aggressive BOE in September and October, i.e. at least 50 basis point rate hikes in both meetings.
  • The pricing is causing a bit of a reversal in the pound, with cable recovering to test its 100-hour moving average (red line) at 1.2160 on the day.

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