The Pound Sterling (GBP) faces selling pressure as investors start worrying about the United Kingdom’s weak economic outlook and upside risks to infla
Daily Digest Market Movers: Pound Sterling eyes more downside on bleak growth outlook
BoE policymakers shifted focus on UK economic prospects due to slowing labor demand and contracting factory activities. For higher inflation, the BoE confirmed keeping interest rates elevated until the accomplishment of price stability. BoE policymakers also see the growth rate lower ahead. The BoE conveyed in its monetary policy statement that Q3 Gross Domestic Product now is expected to rise 0.1% , with underlying growth in H2 2023 likely weaker than forecast in August.
The US Dollar Index has traded inside the 105.27-105.78 range for the past three trading sessions as investors remain uncertain about the interest rate outlook in the remainder of 2023. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money.
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