The UK's economic performance has been a cause for concern, as recent data confirms that the country entered a recession in the latter half of 2023.
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On Tuesday, the US dollar's rally halted as traders reassessed their expectations for potential Federal Reserve interest rate cuts throughout the year, amidst signs of slowing inflation in the United States.
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The Pound Sterling (GBP) has experienced a decline following the release of weak wage data, which has dampened the outlook for consumer spending and raised expectations for the Bank of England (BoE) to maintain a neutral interest rate decision in its November monetary policy meeting
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GBP/USD pair is maintaining a favorable position, hovering around 1.2160, benefitting from the recent weakness of the US dollar. Bank of England (BoE) Governor Andrew Bailey has indicated that interest rates are likely to stay in the vicinity of the current 5.25% level to bring inflation back to the target of 2%.
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The Bank of England has paused its aggressive interest-rate hike cycle, due to growing concerns about an impending recession outweighing worry about inflation.
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economy this week 20.9.2022 TO 23.09.2022
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