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Pound Sterling remains on backfoot as waned Fed rate cut hopes dent market mood

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BOE,Inflation,Fed

The Pound Sterling (GBP) finds some demand in Thursday’s London session after an intense sell-off that dragged the Cable to a two-month low near 1.2520.

The Pound Sterling struggles to recover against the US Dollar as Fed rate cut prospects for June and July faded. UK monthly GDP data for February will provide cues about the current state of the economy. The BoE is expected to start lowering interest rates earlier than the Fed. The Pound Sterling finds some demand in Thursday’s London session after an intense sell-off that dragged the Cable to a two-month low near 1.2520.

1% after remaining stagnant in January. On an annual basis, the economic data is anticipated to rise at a higher pace of 2.1% against the former reading of 2.0%. The UK factory data is a leading indicator of overall demand from domestic and overseas markets. Upbeat factory data would boost hopes of the UK economy coming out of the technical recession. Technical Analysis: Pound Sterling sees downside near 1.2500 The Pound Sterling declines towards the psychological support of 1.

 

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