- The Pound Sterling exhibits strength against its major peers, except Asia-Pacific currencies, at the start of the week. The British currency gains as investors expect that the pace and the depth of interest rate cuts by the Bank of England (BoE) to be lower than that of other central banks from Group of Seven (G-7) nations.
- Asia-Pacific currencies, such as the Australian Dollar (AUD) and the New Zealand Dollar (NZD), perform strongly after China’s cabinet announced on Sunday that they will focus on solving outstanding economic problems and strive to complete annual economic and social development goals, Reuters reported. The likelihood of an improvement in China’s economic prospects improves the appeal of Asia-Pacific currencies given that their nations are major trading partners of China.
- Financial market participants expect the BoE to cut interest rates one more time by 25 bps in one of the remaining two meetings this year. For fresh cues, investors will focus on BoE Megan Greene’s speech at 20:10 GMT, who is an external member of the nine-member-led Monetary Policy Committee (MPC). Greene voted to leave interest rates unchanged in the monetary policy meetings on September 19 and August 1.
- On the economic front, revised estimates of Q2 Gross Domestic Product (GDP) showed that the United Kingdom (UK) economy grew by 0.5%, slower than the flash reading of 0.6% on a quarterly basis. The annual Q2 GDP growth also came in lower at 0.7% from the preliminary estimate of 0.9%.
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