The Pound Sterling (GBP) extends its five-day losing spell as investors foresee the United Kingdom economy shifting into a recession due to deteriorat
. The GBP/USD pair is expected to deliver more losses as a pause in the rate-tightening cycle by the Bank of England would elevate consumer inflation expectations.
The market mood remains jittery as investors see the global economy struggling to absorb the consequences of restrictive monetary policy by central bankers. Though demand for labor has fallen, wage growth remains strong enough that the inflation outlook remains stubborn. The Pound Sterling is on investors’ selling list due to expectations that the BoE is done hiking interest rates. Contrary to that, the US Dollar has remained resilient after a pause in the policy-tightening spell by the Federal Reserve .
The US Dollar Index trades near a fresh 10-month high around 106.30 as Fed policymakers support further policy-tightening to ensure price stability.
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