Pound Sterling corrects sharply as Israel-Hamas war dampens market sentiment

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The Pound Sterling (GBP) corrected on Monday following a short-lived pullback as the Israel-Hamas conflict that began over the weekend strengthened th

Pound Sterling faces a sell-off as the bellicose situation between Israel and Hamas dampens the market mood. UK’s manufacturing and construction activities are going through a vulnerable phase due to higher mortgage rates. BoE Bailey remains confident that inflation will come down to 5% or below by year-end. e risk-aversion theme.

The Unemployment Rate remains steady at 3.8%, nominally higher than expectations of 3.7%. The monthly wage rate grew by 0.2% but lower than expectations of 0.3%. The annualized wage rate decelerated to 4.2% vs. the estimates and the former release of 4.3%. The US economy has been resilient due to tight labor market conditions, robust consumer spending, and a revival in factory activities. This could keep the last leg of inflation sticky and elevate expectations of further policy-tightening.

 

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