<\/p>\n
The GBP\/USD pair<\/a> remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the\u00a0major\u00a0pair is backed by the stronger US Dollar (USD) as the\u00a0strong\u00a0US economic data and hawkish remarks from the Federal Reserve (Fed) officials have triggered the speculation that the US central bank will delay interest rate cuts to September.<\/p>\n On Thursday, Atlanta\u00a0Fed\u00a0President Raphael Bostic said that US inflation is too high and the central bank still has a way to go on inflation. Bostic further stated that\u00a0he\u2019s\u00a0comfortable being patient\u00a0and\u00a0rate cuts are likely by year end. New York Fed President John Williams emphasized that the Fed is data-dependent and noted that he\u00a0doesn’t\u00a0feel an urgency to cut rates. Investors are now pricing in nearly 66% odds that the Fed will cut its rate in September, according to the CME FedWatch Tool. \u00a0<\/p>\n About the data, the US\u00a0Initial Jobless Claims for the week ending April 13 increased below market\u00a0expectations, rising by 212,000 from the previous week of 212,000. Meanwhile, the Philadelphia Fed Manufacturing Index jumped to 15.5 in April from 3.2 in March, beating the\u00a0estimation of\u00a01.5. Finally, US Existing Home Sales dropped by 4.3% MoM to 4.19 million from 4.38 million, worse than the anticipated 4.2 million.<\/p>\n On the\u00a0GBP\u2019s\u00a0front, the expectation that the Bank of England<\/a> (BoE) might cut its interest rate ahead of the US Fed<\/a> has exerted some selling pressure on the Pound Sterling (GBP) against the USD. However, BoE policymaker\u00a0Megan Greene said\u00a0on Wednesday\u00a0that rate cuts were not imminent,\u00a0and\u00a0the combination of high inflation and weak growth means there is a way\u00a0to go\u00a0to bring inflation back to target. Greene added that the recent tensions in the Middle East could pose a risk to the inflation outlook, including by elevating inflation expectations. These comments failed to boost the GBP from nearly six-month lows. Investors will take more cues from the UK March Retail Sales<\/a>, along with the speeches by\u00a0BoE\u2019s\u00a0Ramsden and Breeden later on Friday.\u00a0<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" GBP\/USD loses traction around 1.2430 amid the firmer US dollar on Friday.\u00a0 The\u00a0Fed\u2019s\u00a0hawkish comments boost the Greenback against the GBP.\u00a0 BoE\u2019s\u00a0Greene said rate cuts were not imminent and that inflation remains too high.\u00a0 The GBP\/USD pair remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the\u00a0major\u00a0pair is backed […]<\/p>\n","protected":false},"author":2,"featured_media":34678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,641,255,250,333,277,252,247,253,249,256,254],"class_list":["post-285804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gbpusd","tag-gta","tag-looks-rare","tag-macroeconomics","tag-majors","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/285804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=285804"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/285804\/revisions"}],"predecessor-version":[{"id":285806,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/285804\/revisions\/285806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/34678"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=285804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=285804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=285804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}