Pound Sterling rises on UK economic resilience, firm Fed rate-cut bets
The Pound Sterling (GBP) exhibits a strong performance against its major peers, except the Australian Dollar (AUD), in Thursday’s London session. The British currency gains further as the United Kingdom (UK) Office for National Statistics (ONS) has reported that the economy expanded in line with expectations in the second quarter of this year.
The flash Gross Domestic Product (GDP) report showed that the UK economy grew by 0.6% and 0.9% on a quarterly and annual basis, respectively. The pace of growth in the second quarter was somewhat slower than the growth rate recorded in the January-March period but still robust. The UK economy flatlined in June compared with the previous month, as expected. Read more…
GBP/USD Forecast: Pound Sterling keeps bullish stance ahead of US data
Following Tuesday’s upsurge, GBP/USD reversed its direction and closed in negative territory on Wednesday. The pair regains its traction and trades at around 1.2850 in the European session on Thursday.
Although the US Dollar (USD) struggled to outperform its rivals following the Consumer Price Index (CPI) figures on Wednesday, GBP/USD edged lower as the softer-than-forecast July UK inflation data weighed on Pound Sterling. Read more…
