The subdued reaction to the surprise interest rate hike by BoE last week could be a sign that the British pound’s rally could be due for a minor setback against some of its peers. How do GBP/USD, GBP/AUD, and EUR/GBP look?

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Last Friday brought another downbeat session in Wall Street, with the S&P 500 adding to recent losses to close 1.4% lower for the week.

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The week’s calendar looks busy with central bank officials’ speeches, including Fed Chair Powell and ECB President Lagarde, as risk appetite has taken a back seat following aggressive tightening by global central banks. Key focus will be on US PCE Price Index data, Germany Ifo and China PMI data.

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The Japanese Yen heads into a US data filled week on the backfoot as the Fed and BoJ look to be diverging once more.

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EUR/USD fails to hold above 1.1000 and turns lower heading into the weekend, dropping below the 1.0900 handle and challenging a key trendline support. Will the bears be rebuffed?

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