Pound Jumps On Bets Of Aggressive Fed Rate Cut
2024-09-14
2425
(fxcue news) - The pound climbed against its major counterparts in the New York session on Monday, as investors raised their bets of a more aggressive Federal Reserve rate cut at the monetary policy meeting starting on Tuesday.
The Fed is all set to announce its first interest rate cut for more than four years on Wednesday. However, expectations for a half-point cut rose to 60 percent from 52 percent last week.
The Bank of England is expected to leave rates on hold at 5.00 percent on Thursday and investors would be watching for a decision over the pace of its bond sales.
Data from the property website Rightmove showed that UK house prices increased in September as the traditionally busier Autumn market started early after the Bank of England's interest rate cut lowered mortgage rates and the election results boosted confidence.
House prices grew 0.8 percent on a monthly basis in September, in contrast to the 1.5 percent decrease in August.
The pound touched 1.3214 against the greenback and 0.8421 against the euro, setting 10-day highs. The currency is likely to locate resistance around 1.35 against the greenback and 0.82 against the euro.
The pound edged up to 1.1164 against the franc and 185.91 against the yen, from an early low of 1.1117 and a 5-day low of 183.77, respectively. The currency is seen finding resistance around 1.13 against the franc and 193.00 against the yen.
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