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The Pound to Dollar rate has rebounded strongly from two-year lows and spent much of the week consolidating steep earlier losses but multiple resistances now obstruct its path higher on the charts and downside risks remain due to Federal Reserve and Bank of England (BoE) policy differences.
The Fed sticking to its current policy plans at next week’s meeting is likely to deepen the market’s loss of confidence and therefore see the curve steepen further.
The Pound to Dollar rate tumbled from the outset in the final session of the week with a dive below 1.30 bringing a major level of support near 1.2837 on the charts into view after UK economic data forced financial markets to reconsider the outlook for the Bank of England (BoE) Bank Rate.
The Pound to Dollar exchange rate neared 2022 lows in the final session of the week as U.S. government bond yields rose further and the greenback’s strength broadened, leaving Sterling vulnerable in the context of recent uncertainty about the Bank of England (BoE) interest rate outlook.
The Pound to Dollar rate was left subdued near to 1.30 and at risk of further losses following the release of minutes from the March Federal Reserve (Fed) meeting, which suggested that financial markets are yet fully appreciate the pending shift in U.S. monetary policy.
Dollar exchange rates lifted following the comments as markets braced for a more rapid ascent in U.S. interest rates than had previously been expected.
"To improve labor supply, the Fed might try to put volatility in its service to engineer a correction in house prices and risk assets – equities, credit, and Bitcoin too," says Zoltan Pozsar of Credit Suisse.
The Federal Reserve spooked markets and boosted the Dollar after revealing it could raise interest rates as soon as March, opening the door to a potential four rate hikes in 2022.
A 'hawkish' Federal Reserve decision to speed up the pace at which it reduces supportive monetary policy was not enough to boost the Dollar, suggesting the market might now be fully priced for the removal of stimulus over coming years.
The British Pound rallied against the Dollar in the immediate wake of the Federal Reserve's November policy update to record a half-percent gain on the day.
The Pound-to-Dollar exchange rate was close to 2021 lows and vulnerable to further losses after the Federal Reserve turned ‘hawkish’ in its guidance.