The Pound Sterling tumbles sharply against the US Dollar and prints a new two-week low following major central banks' monetary policy decisions.
GBP/USD falls to 1.2659 after BoE's dovish stance. BoE holds Bank Rate, hints at future cuts amid shifting views. UK inflation drop fuels June BoE rate cut bets. US Dollar bolstered by lower unemployment claims and economic strength. The Pound Sterling tumbles sharply against the US Dollar and prints a new two-week low following major central banks' monetary policy decisions. On Thursday, it was the Bank of England’s turn to deliver a dovish hold, spurring a U-turn in price action.
Regarding those reports, Federal Reserve Chair Jerome Powell stated the road to lowering inflation to the Fed’s 2% goal would be bumpy. The US economic docket revealed that unemployment claims for the last week dipped from 212K to 210K, lower than the 215K estimated. Other data witnessed S&P Global Flash PMI final readings for March mixed, though manufacturing activity improved. Elsewhere, Existing Home Sales jumped from 4 million to 4.38 million, an increase of 9.5%.
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