GBP/USD hovers around 1.1000 despite weak UK GDP, BOE bond-buying, and Fed Minutes.
Due to worse UK figures, GBP/USD finds it difficult to maintain its first daily advances in six days at a two-week low. UK GDP shrank by 0.3% in August, while IP/MP decreased in the previous month. The Cable pair is also propelled by rumors that the BOE may prolong its bond-buying program. As hawkish Fed bets favor pair bears, the FOMC Minutes and UK officials’ decisions will be significant.
The GBP/USD currency pair pays little attention to the UK’s dismal August economic data as it oscillates around the 1.1000 level, breaking a five-day decline when markets start in London on Wednesday. The weaker yields and expectations for further support from British authorities may be the cause.
The UK’s Gross Domestic Product fell to -0.3% MoM in August, down from 0.0% predicted and 0.2% the month before. Manufacturing Production (MP) and Industrial Production (IP) declined during the specified month.
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