The GBP/USD pair extends the decline to around 1.2955 during the early Asian session on Thursday.
GBP/USD softens to near 1.2955 in Thursday’s early Asian session. The UK's Labour government raised taxes by £40 billion in the new budget plan. Flash US GDP expanded at an annualised rate of 2.8% in Q3. The Pound Sterling edges lower after the UK budget announcement. The attention will shift to the US Personal Consumption Expenditures - Price Indexdata later on Thursday.
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. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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