Pound Sterling demonstrates caution ahead of key central bank policy – by Sagar_Dua24 GBPUSD Fed BOE PMI SEO
United Kingdom’s housing sector and factory activities have already come under pressure due to higher borrowing costs.The Pound Sterling looks vulnerable as investors remain cautious ahead of the interest rate decision by the, which will be announced on Thursday. The GBP/USD pair fails to discover strength as a widely anticipated interest-rate hike by the BoE will deepen recession fears.
In July, BoE policymakers and UK authorities decided to widen the scope of their inflation-controlling toolkit. UK authorities prodded industry regulators to stop customer overcharging. The British economy is showing optimism despite higher interest rates by the BoE. UK lenders approved more mortgages in June than expected and unsecured credit rose by the most in more than five years, Reuters reported.
The US Dollar Index climbs swiftly above 102.00 despite US factory activity looking set to remain in a contraction phase for its ninth month in a row.
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