Pound Sterling weakens on dismal market sentiment, higher prospects of BoE rate cut

The Pound Sterling tumbles on increasing expectations that the BoE will opt for interest-rate cuts later this year. BoE Mann’s support for keeping interest rates unchanged in March boosted BoE rate cut prospects. UK Retail Sales data for February came in better than expected, although signaling little spending momentum among households. The Pound Sterling remains vulnerable against the US Dollar in Friday’s London session as the market sentiment is quite bearish.

The near-term demand for the US Dollar strengthens as inflation in the United States economy has remained sticky and the Federal Reserve has upwardly revised its Gross Domestic Product projectionsto 2.1% for 2024. On the contrary, inflation in other developed economies is decelerating at a faster pace, while the risk of a recession is also higher. On the domestic front, the Pound Sterling weakens after the BoE opted to keep interest rates on hold at 5.25% for the fifth time in a row on Thursday.

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Pound Sterling soars amid upbeat market mood, BoE decision in focusThe Pound Sterling (GBP) exhibits strength in Thursday’s London session ahead of the Bank of England’s interest rate decision, prompted by investors’ higher risk appetite.
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