“UK GDP Misses Forecasts: BoE rate cut speculation rises as three-monthly growth stalls amid weak services and production data.”, — write: www.fxempire.com
“The recent evidence further supports the case to withdraw policy restrictiveness and I expect to continue to remove restrictiveness gradually over time.”
This evolving perspective signals potential shifts in the BoE’s approach, adding to market uncertainty.
GBP/USD Reaction to November’s GDP Report Before the UK GDP Report, the GBP/USD climbed to a high of $1.22476 before falling to a low of $1.22064.
However, in response to the Report, the GBP/USD fell from $1.22197 to a post-report low of $1.21990.
On Thursday, January 16, the GBP/USD was down 0.15% to $1.22133. The choppy reaction to the UK GDP report underscored ongoing uncertainty about the BoE rate path. While the UK economy stalled in the three months to November, inflation remained well above target.