Pound Sterling trades directionless ahead of UK employment data
The post Pound Sterling trades directionless ahead of UK employment data appeared on BitcoinEthereumNews.com. Pound Sterling juggles around 1.2150 as investors shift focus to the UK employment data. Economists see a decrease in employment in the quarter to August due to a poor demand outlook. The BoE is anticipated to keep interest rates unchanged at its November monetary policy meeting. The Pound Sterling (GBP) struggles to find a direction as investors await for UK Employment data, which will be published on Tuesday. The GBP/USD pair outlook remains vulnerable as economists expect employment levels to decrease again in the three months to August, in a sign that firms are cutting back on their workforces due to a dismal demand outlook. Higher interest rates by the Bank of England (BoE) and stubborn price pressures have squeezed households’ real income significantly, weighing on demand. Deepening Israel-Palestine tensions add to uncertainty and have the potential to cause higher energy prices, adding to inflation pressures. In this context, investors see the BoE keeping interest rates unchanged for the second straight time in November. Daily Digest Market Movers: Pound Sterling awaits employment data Pound Sterling has been consolidating for more than a week as the interest rates are seen unchanged by the Bank of England monetary policy meeting, which is scheduled for next week. The majority of UK economic data released in October indicates that the BoE will not raise interest rates further, keeping them at 5.25% for a second straight meeting. The UK Manufacturing PMI continued to remain below the 50.0 threshold and Retail Sales contracted, signaling weak economic activity and likely denting consumer inflation expectations. Consumer spending has remained weak in September as both high inflation and borrowing rates have squeezed households’ pockets. UK inflation topped expectations marginally in September but BoE Governor Andrew Bailey, in an interview with Belfast Telegraph, remained confident over a marked fall in…
The post Pound Sterling trades directionless ahead of UK employment data appeared on BitcoinEthereumNews.com.
Pound Sterling juggles around 1.2150 as investors shift focus to the UK employment data. Economists see a decrease in employment in the quarter to August due to a poor demand outlook. The BoE is anticipated to keep interest rates unchanged at its November monetary policy meeting. The Pound Sterling (GBP) struggles to find a direction as investors await for UK Employment data, which will be published on Tuesday. The GBP/USD pair outlook remains vulnerable as economists expect employment levels to decrease again in the three months to August, in a sign that firms are cutting back on their workforces due to a dismal demand outlook. Higher interest rates by the Bank of England (BoE) and stubborn price pressures have squeezed households’ real income significantly, weighing on demand. Deepening Israel-Palestine tensions add to uncertainty and have the potential to cause higher energy prices, adding to inflation pressures. In this context, investors see the BoE keeping interest rates unchanged for the second straight time in November. Daily Digest Market Movers: Pound Sterling awaits employment data Pound Sterling has been consolidating for more than a week as the interest rates are seen unchanged by the Bank of England monetary policy meeting, which is scheduled for next week. The majority of UK economic data released in October indicates that the BoE will not raise interest rates further, keeping them at 5.25% for a second straight meeting. The UK Manufacturing PMI continued to remain below the 50.0 threshold and Retail Sales contracted, signaling weak economic activity and likely denting consumer inflation expectations. Consumer spending has remained weak in September as both high inflation and borrowing rates have squeezed households’ pockets. UK inflation topped expectations marginally in September but BoE Governor Andrew Bailey, in an interview with Belfast Telegraph, remained confident over a marked fall in…
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