GBP/USD trades on a softer note near 1.2895 in Wednesday’s early Asian session. Majority of economists anticipate the BoE to cut the bank rate at its August meeting next week. Investors await the preliminary US Q2 Gross Domestic Product, which is due on Thursday. The higher possibility that the Bank of England will begin cutting interest rates in August has undermined the Pound Sterling . In the absence of top-tier UK economic data releases,the GBP/USD pair will be influenced by the USD.
Its key trading pairs are GBP/USD, aka ‘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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Source: FXStreetNews - 🏆 14. / 72 Read more »