The GBP/USD pair trades with mild losses near 1.2970 on Tuesday during the early Asian session.
GBP/USD posts modest losses around 1.2970 in Tuesday’s early Asian session. The uncertainty surrounding the US presidential election and geopolitical risks might support the USD. The expectation that the BoE would cut rates this year weighs on the GBP. The US Dollar Index currently trades flat around 104.30 after reaching a three-month high of 104.57 in the previous session. Traders might prefer to wait on the sidelines ahead of the key US economic data this week.
The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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