Pound Sterling capitalizes on risk-on mood, hawkish BoE bets

The Pound Sterling (GBP) is holding its ground on Wednesday as a higher risk appetite among market participants continues to improve the appeal for ri

In the battle against persistent inflation, the UK’s factory activities and its property sector have been major victims. British firms continue to operate at lower capacity due to a poor demand outlook, and higher mortgage

The BoE doesn’t have the comfort of pausing the policy-tightening spell in the current scenario as evidence that UK core inflation will loosen up is absent. The major catalyst behind persistent core inflation is the strong wage growth in the British economy. The UK’s jobless rate rose to 4.2% in July, but wage growth remained robust, which indicated that firms were heavily spending to retain talent.

UK property website Zoopla forecasted on Wednesday that new home purchases in 2023 are on course to decline by 21% to their lowest level since 2012 as homebuyers postpone their purchases due to higher mortgage rates, Reuters reported. US Bureau of Labor Statistics reported on Tuesday that employers invited applications for 8.827M vacancies vs. June’s reading of 9.165M. Market participants anticipated higher job openings at 9.465M.

The last four reports have shown numbers significantly above market consensus. This time, the market consensus is for an increase in US private payrolls of 195,000.Technical Analysis: Pound Sterling strives for stabilization above 1.2600

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