The Pound Sterling (GBP) stabilizes after recovering from a six-month low as market sentiment improves and Bank of England (BoE) policymaker Katherine
Pound Sterling capitalizes on improved market sentiment and BoE’s Mann hawkish commentary. Katherine Mann favored an aggressive policy-tightening approach. Investors shift focus to the UK August GDP data scheduled for Thursday. Mann calls for a more aggressive approach to bring down inflation to 2%. Last week, BoE Governor Andrew Bailey said he expected inflation to decline to or below 5% by year-end, but added that he doesn’t promise the achievement of price stability in a timely manner.
The USD Index could strengthen if the inflation report for September turns out hotter than expected. Sticky inflation and robust labor market conditions could force Federal Reserve policymakers to opt for another interest rate hike on November 1. Before that, the FOMC minutes from the last Fed meeting will be keenly watched, which will be released on Wednesday. The FOMC minutes for September monetary policy will likely provide the rationale behind keeping interest rates unchanged.
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