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Forex News: Pound Strengthens On Expectations For Smaller Fed Rate

Pound Strengthens On Expectations For Smaller Fed Rate Hikes

11/24/2022 - 08:34:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Thursday, as the minutes from the Federal Reserve's latest policy meeting suggested that an easing in the pace of interest rate hikes would be appropriate soon.

European markets are higher on hopes of a moderation in the pace of interest rate hikes by the U.S. Federal Reserve.

The minutes showed that a "substantial majority" of Fed officials supported slowing down the pace of interest rate hikes at upcoming meetings.

A slower pace of rate hikes would better allow the Fed to assess progress toward its goals of maximum employment and price stability, the minutes said.

Market participants are pricing in a 50 basis point rate hike at the meeting in December.

The GBP/USD pair approached more than a 3-month high of 1.2132. The pound is seen finding resistance around the 1.27 level.

The GBP/CHF pair climbed to a 3-week high of 1.1441. On the upside, 1.22 is likely seen as its next resistance level.

The pound was up against the euro, at more than a 3-week high of 0.8576. The pound is likely to challenge resistance around the 0.84 level.

In contrast, the pound fell against the yen, hitting a 3-day low of 167.15. Should the pound slides further, 165.00 is likely seen as its next downside target level.

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