GBP/USD gains ground near the 1.2800 barrier, BoE rate decision eyed

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

The GBP/USD pair gains momentum during the early Asian trading hours on Thursday.

GBP/USD trades strongly near 1.2797 amid the softer USD. The Fed held interest rates steady as expected on Wednesday and hinted at multiple rate cuts before the end of the year. The BoE is widely expected to keep rates on hold at 5.25% on Thursday. Traders await the BoE interest rate decision ahead of US S&P Global PMI data on Thursday. The rebound of the pair is supported by the weaker US Dollar following Federal Reserve Chair Powell's dovish press conference.

6% by the end of the year, compared to 2.4% in the projections reported in December. On the UK’s front, The BoE is anticipated to maintain its interest rates unchanged at 5.25% on Thursday. The CPI inflation data in February might keep the Bank of England on course to begin cutting interest rates in the coming months. Data released on Wednesday showed that the Consumer Price Index climbed by 3.4% YoY in February from a 4.0% rise in January, below the market consensus of 3.6%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Mar 01, 2024 when GBP/USD traded near 1.26.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »