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Sellers in GBP/USD reached 1.0800 in anticipation of BOE speakers and US GDP

Alina Haynes

Sep 29, 2022 14:30

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Following a two-day recovery from the record low, the pound to dollar exchange rate has accepted offers to re-establish the intraday low near 1.0800. The cable pair is currently consolidating its highest daily gains since the middle of June during Thursday's Asian session.

 

GBP/USD values have taken a hit as of late due to a combination of factors, including a rise in US Treasury bond yields and skepticism about the Bank of England's (BOE) ability to strengthen the British pound. There may be parallels between China's current pessimism and Europe's persistent energy crisis.

 

Vehicle manufacturing in the United Kingdom rose for the fourth consecutive month in August, according to a data from the Society of Motor Manufacturers and Traders (SMMT) distributed by Reuters. However, statistics show that a majority of SMMT members are worried about the future of their company.

 

The People's Bank of China (PBOC) is yet another central bank that protects the local currency, in this case the yuan, alongside the Bank of Japan (BOJ) and the Bank of England (BOE). To protect the yuan from a possible economic downturn brought on by covid-led lockdowns, the PBOC has recently intervened in the market multiple times, and is likely to do so again today.

 

A difficulty for GBP/USD traders is the UK government's refusal to replace UK Chancellor Kwasi Kwarteng and its maintenance of his heavily criticized budget proposal.

 

To protect the value of the pound, the Bank of England (BOE) announced a bond-buying program on Wednesday (GBP). According to the provided information, the BOE will first purchase bonds with maturities of over 20 years and up to 5 billion pounds per auction. However, the BOE has said that it will begin purchasing on September 28, meaning that the predefined procedure for selling bonds has been postponed until October 31. Even though the Bank of England had planned to spend $5 billion on its emergency QE program, it later revealed that it had been able to spend only £1.02 billion.

 

The U.S. trade deficit with the rest of the world fell from $90.2 billion in July to $87.3 billion in August, a decline of $2.9 billion. The data shows that March marks the first monthly drop in exports since January, while March also marks the fifth consecutive month of falling imports. According to Reuters, Atlanta Fed president Raphael Bostic said on Wednesday that a rate hike of 75 basis points (bps) in November and a rate hike of 50 bps in December constitute the current baseline assumption. Charles Evans, president of the Federal Reserve Bank of Chicago, has emphasized the importance of addressing inflation and has tried to resume dollar purchases, but has been unable to do so because of falling yields.

 

The final readings of the US GDP for the second quarter, which are expected to confirm a -0.6% annualized figure, and several speakers from the BOE are forthcoming. To that end, if the US data provides strong results and BOE policymakers delay to convince investors, the GBP/USD could fall even more.


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