Pound Weakens Ahead Of Fed Decision
2021年11月3日 - 04:05PM
RTTF2
The pound fell against its major counterparts in the European
session on Wednesday, as investors became cautious ahead of the
monetary policy decision from the U.S. Federal Reserve, which is
expected to reduce its monthly bond purchases amid inflationary
pressures.
Market participants hope that the Fed will begin tapering its
120 billion asset purchases from this month and end the program by
the middle of next year.
On Thursday, the Bank of England is expected to raise rates for
the first time in more than three years in the wake of a surge in
inflation.
Final survey results from IHS Markit showed that the UK service
sector registered a sharp growth momentum in October driven by
robust new work amid the reopening of the economy and looser
international travel restrictions.
The headline Chartered Institute of Procurement & Supply
services Purchasing Managers' Index rose to 59.1 in October from
55.4 in September. The flash reading was 58.0.
The pound edged down to 154.97 against the yen and 1.2407
against the franc, off its early highs of 155.27 and 1.2464,
respectively. The pound is poised to locate support around 152.00
against the yen and 1.22 against the franc.
The pound reversed from an early high of 0.8495 against the
euro, dropping to 0.8513. If the pound falls further, 0.87 is
likely seen as its next support level.
The pound slipped to 1.3607 against the greenback, but it has
since recovered to 1.3632. At yesterday's close, the pair was worth
1.3610.
Looking ahead, U.S. ADP private payrolls data for October is
scheduled for release at 8:15 am ET.
U.S. ISM services PMI for October and factory orders for
September will be out in the New York session.
At 2:00 pm ET, the Fed announces its decision on interest rate.
Economists widely expect the federal funds rate to be kept at
0-0.25 percent.
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