This weakness comes amidst growing expectations of a rate cut by the Federal Reserve on September 18, with most market participants betting on a 25 basis point reduction. The US Dollar Index added to Thursday’s losses and retested once again the sub-101.00 region on Friday, ending its second consecutive week in negative ground. The New York Empire State Manufacturing Index kicks off the US calendar on September 16.
On September 20 comes Germany’s Producer Prices and the advanced Consumer Confidence reading in the euro bloc by the European Commission. GBP/USD lost some of its earlier gains after reaching the 1.3160 area on Friday, but it still managed to hold onto a positive performance for the week. The publication of UK Inflation Rate is due on September 18. The BoE will meet on September 19, while Retail Sales, the GfK Consumer Confidence and Public Sector Net Borrowing are all due on September 20.
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