The Pound Sterling (GBP) registered lackluster moves on Wednesday as investors await monetary policy decisions from both the US Federal Reserve (Fed) and the Bank of England (BoE).
Pound Sterling struggles for a decisive move ahead of the monetary policy decision by both the Fed and the BoE. The BoE is expected to keep interest rates steady as slowdown fears mount. Stubborn UK inflation puts at risk Prime Minister Rishi Sunak’s pledge to halve inflation to 5.4% by year-end. The GBP/USD pair remains on tenterhooks as investors expect that the BoE will keep interest rates unchanged.
50% but will deliver hawkish guidance as inflation in excess of 2% seems the most stubborn due to robust consumer spending, strong labor market conditions, and expectations of a revival in business activity. An upbeat private payrolls and factory activity report would strengthen the US Dollar as it would allow the Fed to keep interest rates elevated for a longer period. The survey of private factories done by S&P Global for October showed that the Manufacturing PMI came in at the 50.
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