- The Pound Sterling posts a fresh two-week low near 1.2810 against the US Dollar (USD) in Monday’s European trading hours. The GBP/USD pair weakens as the US Dollar edges higher amid uncertainty ahead of the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rises to 104.50.
- The Fed is widely anticipated to leave interest rates unchanged in the range of 5.25%-5.50% for the eighth time in a row. Therefore, market participants will keenly focus on the monetary policy statement and the press conference of Fed Chair Jerome Powell to know whether policymakers are comfortable with market speculation of two rate cuts this year and choosing the September meeting to kick off the much-awaited policy-easing cycle.
- Financial markets expect the Fed to acknowledge significant progress in inflation declining towards the bank’s target of 2% and increasing risks to the labor market. This would indicate the Fed’s readiness for interest-rate reduction.
- Contrary to market expectations, Bank of America (BofA) economists argued on Friday that cooling consumer demand and inflation may not be proceeding fast enough to allow for as much policy easing as financial markets expect. They added, "We remain comfortable with our forecast that cuts will start in December, but upcoming inflation and employment data could tip the scale to an earlier cut," Reuters reported.
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