GBP/USD plummets to three-week low, eyes 1.2400 amid broad-based USD strength – by hareshmenghani GBPUSD BOE Fed Recession Currencies
Speculations for fewer BoE rate hikes undermine the GBP and weigh amid sustained USD buying.The GBP/USD pair
The British Pound continues to be undermined by rather unimpressive UK monthly jobs data released on Tuesday, which fueled speculations that fewer rate increases by the will be needed in the coming months to bring down inflation. This, along with some follow-through US Dollar buying, aggravates the bearish pressure surrounding the GBP/USD pair and contributes to the steep intraday decline.
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