Pound Sterling exposes to 1.20 on sour mood, UK weak demand outlook

The Pound Sterling (GBP) continues to face intense selling pressure as dismal market sentiment due to escalating tensions in the Middle East combines

Pound Sterling is declining toward a seven-month low as Israel-Palestine tensions dampen the market mood. Labor demand in the UK has started facing the repercussions of poor business activity. A steady interest rate decision is anticipated from the BoE to avoid a recession. with a poor economic outlook for the United Kingdom.

The demand for the US Dollar strengthens as the US economy is resilient despite higher interest rates by the Federal Reserve , unlike other economies that are struggling for a firm footing in a high-interest rate environment. The S&P Global survey showed that US business activity in the private sector reported an uptick in October. The business sentiment improved on expectations that the Fed is done with hiking interest rates.

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