Pound Sterling remains subdued ahead of BoE monetary policy – by Sagar_Dua24 GBPUSD BOE Inflation SEO Recession
and fears of a deep recession in the United Kingdom as the central bank prepares to raise interest rates consecutively for the 14th time.
Also, the recent recovery in oil prices and resilient consumer spending could force BoE policymakers to discuss a fat rate hike for the August policy. Also, investors would like to know whether UK PM Rishi Sunak would meet his promise of halving inflation to 5% by year-end. The market mood is extremely cautious as Fitch downgrades the United States government, citing concerns over rising fiscal spending in coming years.
Before US NFP, Services PMI for July will be reported by the Institute of Supply Management . Unlike factory activities, the service sector is expanding but the July reading is expected to remain lower at 53.0 against June’s figure of 53.9.Pound Sterling retraced almost 80% from its July high of 1.3140 on Thursday.
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