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Pound Sterling plummets below 1.2500 as US Dollar dominates due to faded Fed rate cut prospects

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GBP/USD plummets below 1.2500 as US Dollar dominates due to faded Fed rate cut prospects

The GBP/USD pair dips below the psychological support of 1.2500 in Friday’s London session. The Cable weakens due to firm US Dollar. The demand for the US Dollar remains buoyant as stubbornly higher United States inflation data for March forced traders to price out market expectations for rate cuts by the Federal Reserve (Fed), which were anticipated in the June and July meetings. Read More…

GBP/USD remains on the defensive below 1.2550 following UK GDP data

The GBP/USD pair remains on the defensive near 1.2530 during the early European trading hours on Friday. The major pair remains vulnerable despite the stronger-than-expected UK monthly GDP numbers and improved Industrial Production data. Read More…

GBP/USD remains on backfoot below 1.2570, UK GDP data looms

The GBP/USD pair remains on the backfoot near 1.2550 during the early Asian session on Friday. The market expects that the Bank of England (BoE) will cut its interest rate sooner than the US Federal Reserve (Fed) weighs on the Pound Sterling (GBP) and the major pair. Later on Friday, investors will monitor the UK monthly Gross Domestic Product (GDP) for February and the preliminary US Michigan Consumer Sentiment Index for April. Read More…

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