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Category: CRYPTO NEWS
The post Pound Sterling gains on upbeat UK factory data, expected GDP growth appeared on BitcoinEthereumNews.com. The Pound Sterling slightly recovers against its major peers after the UK ONS reported robust factory data and expected GDP growth in August. Traders expect the BoE to cut interest rates in at least one of its two policy meetings remaining this year. Investors await the US PPI data for fresh cues on the Fed’s interest rate outlook. The Pound Sterling (GBP) moves lower against its major peers in Friday’s London session after the release of the UK data. The initial reaction from the British currency was positive, however, it failed to capitalize on the same despite the data came in better than expected, and the Gross Domestic Product (GDP) grew expectedly in August. The Office for National Statistics (ONS) reported that the economy grew by 0.2%, as expected, after remaining flat in July. Month-on-month Manufacturing and Industrial Production rose at a robust pace of 1.1% and 0.5%, respectively, while economists expected them to grow by 0.2%. Annually, Manufacturing and Industrial Production contracted by 0.3% and 1.6%, respectively. However, the pace at which both economic data declined was slower than in July. Upbeat monthly factory data and an expected GDP growth have improved the UK economic outlook. This would allow the Bank of England (BoE) policymakers to follow a shallow policy-easing cycle. Financial market participants expect the BoE to cut interest rates only once in the remaining two policy meetings this year. Going forward, the next trigger for the Pound Sterling will be the UK Employment data for the three months ending August and the Consumer Price Index (CPI) report for September, which will be published on Tuesday and Wednesday, respectively. The economic data will significantly influence market expectations for BoE’s likely interest rate action in November. Daily digest market movers: Pound Sterling remains weak against US Dollar ahead of US…
2024-10-11T08:30:12+00:00
https://bitcoinethereumnews.com/finance/pound-sterling-gains-on-upbeat-uk-factory-data-expected-gdp-growth/?utm_source=rss&utm_medium=rss&utm_campaign=pound-sterling-gains-on-upbeat-uk-factory-data-expected-gdp-growth