The Pound Sterling (GBP) prints a fresh three-day high, capitalizing on improving market sentiment and expectations of more interest rate hikes from t
pair picks strength as investors hope that the current tightening cycle of the BoE will surpass the tightening peak by the Federal Reserve .
Strong wage growth allows households to spend heavily and core inflation to remain stubborn. UK core inflation remains steady at 6.9%, marginally lower from its peak of 7.1%. The BoE is expected to raise interest rates further in September and the interest rate peak is forecast at 5.75%. UK cabinet reshuffle is expected to happen sooner as Rishi Sunak is failing to fulfill his promise of halving inflation and strengthening economic prospects ahead of general elections scheduled for 2024.
Moody’s, S&P Global have downgraded the credit ratings of US commercial banks, citing risks of rising outflows in a high-interest rate environment.Pound Sterling prints a fresh three-day high around 1.2800, increasing gradually due to a subdued US Dollar. The Cable has been trading in a range of 1.200-1.2800 for the past three weeks, and an explosion of the same will result in wider ticks and heavy volume.
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