24 July 2023, GBP/USD
GBPUSD trading plan:
The Fed to hike rates for the last time at the end of a two-day policy meeting on July 26. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 9 basis points at 4.85%, and the benchmark 10-year's yield shot up 10 basis points to 3.84%. Core PCE is running at an annual rate of 4.6%-4.7% this year, more than double the Fed's 2% target for inflation. As the year began, many investors expected higher interest rates to bring on a recession that would further hurt stocks after 2022's sharp decline. Instead, the U.S. economy is proving resilient even as the Fed has made progress in its inflation fight.
Investment idea: range 1.2820 - 1.2920.
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