GBP/USD climbed to 1.2293 from a low of 1.2218 while the US dollar was weighed within a narrow range against most major currencies while traders sought clarity on the fallout from the recent collapse of two US lenders and the rescue of Credit Suisse.
Data released earlier Monday showed that UK Retail Sales conditions from the Confederation of British Industry declined modestly in March and BoE Governor Andrew Bailey spoke and said that the central bank has to be very alert to any signs of persistent inflationary pressures.
Elsewhere, Minneapolis Federal Reserve’s president, Neel Kashkari, warned the US is on the brink of a recession. As for US data, the Dallas Fed Manufacturing Activity Index dropped to -15.7pts in March as perceptions of broader business conditions worsened. The company outlook subindex rose four points to -13.3.
Analysts at ANZ Bank noted that ´´the outlook uncertainty subindex came in at 22.0, down slightly from February but still high. Labour market measures remained positive, with 24% of firms net hiring, while 14% reported net layoffs. Price and wage pressures receded in March.´´
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