GBP/USD: British Pound eyes further downside ahead of United Kingdom statistics – by anilpanchal7 GBPUSD BOE PMI RetailSales SEO
s await key data from the United Kingdom. That said, Cable witnessed heavy losses the previous day as the Bank of England couldn’t please the bulls despite announcing an interest rate hike. It’s worth noting that the overall hawkish moves by major central banks allowed the US Dollar to regain upside momentum and exerted downside pressure on the quote.Bank of England raised the policy rate by 50 basis points to 3.5% as expected but couldn’t please the GBP/USD buyers.
It should be noted that the “Old Lady”, Bank of England’s informal name, appreciated the government's new Autumn Statement and signaled fewer rate hikes, which also weighed on the GBP/USD prices.In addition to the BOE’s dovish rate hike and downbeat economic projections, the looming fears of a recession in the United Kingdom also gained major attention after the policymakers conveyed fears of soaring energy bills and cold weather.
Although the BOE announced a dovish hike, the Old Lady managed to join the likes of the US Federal Reserve , Swiss National Bank andas it offered a 0.50% rate increase. Although the major central banks eased the volume of the interest rate increases, all of them showed readiness to keep the rates higher for a longer time, which in turn joined the inflation fears and highlighted the recession woes.
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