The Pound Sterling (GBP) gave into the US Dollar (USD) resurgence, as GBP/USD registered a sharp correction from seven-month highs of 1.2894 reached a week ago.
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On Tuesday, a mixed message from the Bank of England Governor Andrew Bailey also failed to support the Pound Sterling. Bailey said inflation expectations seemed to be under control and worries about a price-wage spiral were easing. He added that problems with labor market data and geopolitical risks left him unsure about the jobless rate, per Reuters. The Consumer Sentiment Index in the US edged slightly lower to 76.5 in March from 76.9, the University of Michigan reported on Friday.
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