GBP/USD fell below 1.1950 late on Monday, but reversed direction early on Tuesday. ING economists expect the pound to remain vulnerable until the end of the year.
Focus on the testimony of the Governor of the Bank of England, Andre Bailey
“A significant change in Bailey’s policy rhetoric two weeks before the BoE meeting seems unlikely, but the proximity of the meeting also means that the markets tend to over-interpret the comments of the members of the MPC. In our opinion, the most likely scenario for the December announcement is a 50 basis point increase; markets are currently pricing in 57 basis points.”
“GBP/USD has returned below 1.2000 as the dollar regained some ground, and we see room for further depreciation through the end of the yearas the dollar finds more support and Pound suffers from gloomy UK economic outlook.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
