The Pound Sterling (GBP) discovers stellar buying interest as investors digest upside risks to a recession in the United Kingdom. The GBP/USD pair reb
UK Manufacturing PMI is expected to contract for the 14th time in a row.Sterling discovers stellar buying interest as investors digest upside risks to a recession in the United Kingdom. The GBP/USD pair rebounds meaningfully as market participants start admitting that the British economy has no other option than to operate with higher interest rates by the Bank of England due to a hot-inflation environment. The strength in the Pound Sterling also came from a corrective move in the US Dollar.
The GBP/USD pair recovers after printing a fresh six-month low near 1.2100 as investors digest potential United Kingdom recession risks. The strength in the Pound Sterling also came from increasing queries about real estate as homebuyers think the BoE is done with hiking interest rates. The UK’s property website Zoopla said the volume of inquiries for new homes rose by 12% over the past four weeks.
Meanwhile, the UK’s National Statistics Office reported the final reading of real Gross Domestic Product reading on Friday at 06:00 GMT. The real GDP remained in line with the previous estimate of 0.2% and 0.6% on a quarterly and annualized basis. The US Dollar is off from a 10-month high ahead of the Federal Reserve’s preferred inflation gauge. As per estimates, the monthly core Personal Consumption Expenditure price index is expected to maintain a steady pace of 0.2%. The annualized data is foreseen decelerating to 3.9% vs. July’s reading of 4.2%.
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