GBP/USD weakens to near 1.3150 as BoE rate cut expectations grow on weak UK data
The GBP/USD pair declines to near 1.3155 during the early Asian session on Monday. The Pound Sterling (GBP) softens against the US Dollar (USD) amid concerns about the UK’s fiscal debt and weak economic data from the UK. Bank of England (BoE) External Member Catherine Mann is set to speak later on Monday.
The pound loses ground after a report that UK Prime Minister Keir Starmer and Finance Minister Rachel Reeves have dropped the plan to raise income tax rates, in a dramatic turn ahead of the budget on November 26. Read more…
GBP/USD Weekly Forecast: Pound Sterling struggles for direction as markets await key US/ UK data
The Pound Sterling (GBP) consolidated its recovery from seven-month lows against the US Dollar (USD), as GBP/USD lacked bullish conviction. GBP/USD witnessed a bull-bear tug-of-war in the past week, with the recovery sustained by a broad-based US Dollar decline.
Meanwhile, the UK fiscal concerns and increased bets for a Bank of England (BoE) interest rate cut next month remained a drag on the major. The USD failed to find any inspiration from the end of the longest government shutdown in American history and declined to its lowest level in two weeks against a basket of six major currencies. Read more…
