The Pound Sterling (GBP) recovers as the appeal for risk-perceived assets improves but struggles to extend the upside. The upside in the GBP/USD pair
Pound Sterling struggles to extend upside amid multiple headwinds. Despite a significant improvement, the UK Services PMI failed to conquer the 50.0 threshold. Andrew Bailey remains confident of bringing down inflation to 5% or below by year-end. seems limited as the United Kingdom’s economy is approaching a slowdown due to vulnerable economic activities, potential inflation shocks, and deteriorating demand.
Investors already anticipated lower hiring at 153k. Soft labor market data is expected to fade expectations of one more interest rate hike from the Federal Reserve in the remainder of 2023, which were supported by Cleveland Fed Bank President Loretta Mester and Fed Governor Michelle Bowman. The US ISM Services PMI matched expectations at 53.6 but remained below the August reading of 54.5. New Orders dropped significantly to 51.8 against the former release of 57.5.
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