- The Pound Sterling moves higher against the US Dollar on improved market sentiment.
- BoE’s Mann warns about upside risks to price pressures.
- The Fed is expected to cut interest rates by 25 bps in September.
The Pound Sterling (GBP) gains against its major peers, except the Australian Dollar (AUD) and the New Zealand Dollar (NZD), in Monday’s London session. The British currency strengthens, with investors focusing on the United Kingdom (UK) Employment data for the three months ending June and the Consumer Price Index (CPI) data for July, which will be published on Tuesday and Wednesday, respectively.
The UK Employment report is expected to show that the ILO Unemployment Rate rose to 4.5% from the prior release of 4.4%. Investors will also focus on the Average Earnings Excluding Bonuses data, a key measure of wage growth that has been a key driver to high inflation in the service sector. The wage growth measure is estimated to have decelerated significantly to 4.6% from the former reading of 5.7%. An expected decline in wage growth measures will prompt expectations of subsequent interest rate cuts by the Bank of England (BoE).
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