“UK GDP Shrinks for a Second Month, Fueling Bets on An August Boe Rate Cut Despite Sticky Inflation Concerns.”, – WRITE: www.fxempire.com
Considering the Current Inflation Levels and May’s GDP Numbers, A Weakening in The Labor Market May Boost Bets on a Boe Policy Move. The Boe Kept Interest Rates at 4.25% in June, with Six Monetary Policy Committee Members Voting in Favor of Leaving Rates UnChanged.
Neverthaless, Conceerns About Services Inflation Could Overshadow Today’s Data and the Potential Impact of A Deterioring Labor Market on the UK Economy. The Next CPI Report Could Change the Narrative, But The Numbers Are Out Unil Wednesday, July 16.
GBP/USD Reaction to May’s GDP Report Before The UK GDP Report, The GBP/USD BRIEFLY CLIMBED TO A HIGH OF $ 1.35848 Before Sliding to A LOW OF $ 1.35439.
However, in Respons to the Report, The GBP/USD TumbLED from $ 1.35613 to A Low of $ 1.35364, Reflection Expectations of A More Dovish Boe Stance.
On Friday, July 11, The GBP/USD Was Down 0.20% to $ 1.35458.