Pound Sterling has faced selling pressure above 1.2700 as investors are shifting their focus to PMI numbers GBPUSD Majors
Pound Sterling has faced selling pressure above 1.2700 as investors are shifting their focus to PMI numbers.Investors are worried about United Kingdom’s economic prospects as inflation seems stuck above 8.5%.
BoE policymaker Silvana Tenreyro is opposing further increases in interest rates as risks having to make a sharp U-turn if it tightens policy anymore. She further added that further policy-tightening is already in the pipeline. Financial markets are anticipating that the BoE will raise interest rates to 6.25% from the current state of 5%.
Atlanta Fed Bank President Raphael Bostic stated last week that the central bank has reached a point where interest rates are sufficiently restrictive to bring down inflation to 2%.is looking to regain the round-level resistance of 1.2700 after a V-shape recovery from 1.2600. The Cable is being supported by the 200-period Exponential Moving Average , which indicates that the long-term trend is bullish.
When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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