GBPUSD BOOM 🤯 🚀 BUYING PUBLIC CHANNEL 🌠
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Sterling at Over 2-Month High Ahead of Hunt's Budget Update
Nov 21, 202314:53 GMT+5
The British pound surged past the $1.25 mark, marking its highest level since early September, in anticipation of Finance Minister Jeremy Hunt's upcoming budget update.
At the same time, expectations of significant rate cuts by the Federal Reserve weakened the dollar.
Meanwhile, surprising data showing a drop in British retail sales and a slowdown in inflationary pressures in the UK have bolstered the belief that the Bank of England might consider interest rate cuts earlier than previously thought in the coming year.
Traders are now forecasting a potential 80 basis point decrease in interest rates by the end of 2024 from the current 5.25%.
However, Bank of England Governor Andrew Bailey cautioned on Monday that discussions about rate cuts were premature.
He suggested that if signs of inflation persisting beyond expectations surface, borrowing costs might have to rise again.
Sterling at Over 2-Month High Ahead of Hunt's Budget Update
Nov 21, 202314:53 GMT+5
The British pound surged past the $1.25 mark, marking its highest level since early September, in anticipation of Finance Minister Jeremy Hunt's upcoming budget update.
At the same time, expectations of significant rate cuts by the Federal Reserve weakened the dollar.
Meanwhile, surprising data showing a drop in British retail sales and a slowdown in inflationary pressures in the UK have bolstered the belief that the Bank of England might consider interest rate cuts earlier than previously thought in the coming year.
Traders are now forecasting a potential 80 basis point decrease in interest rates by the end of 2024 from the current 5.25%.
However, Bank of England Governor Andrew Bailey cautioned on Monday that discussions about rate cuts were premature.
He suggested that if signs of inflation persisting beyond expectations surface, borrowing costs might have to rise again.
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DXY INDEX retest sell 102.600
Trade stängt: målet nått:
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200+pip's profit)
wait same time retest levels 💪 old big profit
