The GBP/USD pair trades around 1.2930 during the Asian session on Thursday, staying near its 10-week low of 1.2907 reached on Wednesday.
GBP/USD holds ground ahead of PMI data release from both nations. BoE Governor Andrew Bailey indicated that inflation is currently below the target level primarily because of annual base effects. The US Dollar may appreciate due to the prevailing sentiment of nominal rate cuts by the Fed in 2024. Traders are likely to focus on the Purchasing Managers Index figures from both the United Kingdom and the United States , which are scheduled for release during the day.
Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England.
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