The Pound Sterling (GBP) dropped from a two-week high as the United Kingdom’s economic outlook weakened after factory output contracted for the second
Pound Sterling faces an intense sell-off due to risk-off impulse and weak manufacturing activity data. Persistent US inflation dampens the market mood. The BoE is expected to keep interest rates unchanged for the second time in a row. consecutive month. The GBP/USD pair surrendered the majority of recent gains as data from the US showed inflation remains persistent, denting the risk appetite of market participants.
The US Dollar Index discovered buying interest near 105.50 and recovered quickly to near 106.60. Investors are expecting that the Federal Reserve could end the year by elevating interest rates one more time by 25 basis points to 5.50%-5.75% as the progress in taming inflation towards 2% seems to have slowed down. Technical Analysis: Pound Sterling delivers pullback to near 1.2200 Pound Sterling struggles for a firm footing as hot US headline inflation dampens market sentiment.
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