Pound Sterling weakens as BoE turns slightly dovish on interest rates

The Pound Sterling (GBP) remains vulnerable against the US Dollar in Friday’s early New York session as the market sentiment is quite bearish. The GBP/USD pair fails to find support as increasing expectations that the Bank of England (BoE) will cut interest rates this year outweigh February Retail Sales data, which broadly beat market expectations. Read More…

The UK Retail Sales showed no growth over the month in February vs. -0.3% expected and 3.6% registered in January, according to the latest data published by the Office for National Statistics (ONS) on Friday. Read More…

The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar (USD) and the dovish tilt of the Bank of England (BoE). Investors await the UK Retail Sales for fresh impetus, which is expected to fall 0.3% in February. GBP/USD currently trades near 1.2658, down 0.02% on the day. Read More…