- The Pound Sterling declines to a three-week low near 1.2800 against the US Dollar (USD) in Thursday’s London session. The GBP/USD pair breaks below the three-day consolidation range as the US Dollar (USD) rises even though the Federal Reserve (Fed) has delivered dovish guidance on interest rates in its monetary policy announcement on Wednesday.
- The US Dollar has bounced back after a Fed policy-inspired sell-off as a dovish guidance was already priced in by market participants. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, moves higher to 104.20 from its intraday low of 103.86.
- The Fed left interest rates unchanged in the range of 5.25%-5.50% for the eighth consecutive meeting and acknowledged that moderation in inflationary pressures in the second quarter had increased their confidence that rate cuts could be on the table in the September meeting. The Fed admitted that risks are now widened to both aspects of dual mandate.
- Fed’s Chair Jerome Powell said, "If we were to see inflation moving down more or less in line with expectations, growth remains reasonably strong, and the labor market remains consistent with current conditions, then I think a rate cut could be on the table at the September meeting”, Reuters reported.
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