October 17, 2024 – Written by David Woodsmith
STORY LINK GBP/USD Outlook: Pound Slumps as Inflation Hits 41-Month Low Against US Dollar
The Pound posted sharp losses after the notably lower-than-expected UK inflation data.
Markets priced in very close to a 100% chance of an interest rate cut at the November Bank of England (BoE) meeting.
The chances of two rate cuts by the end of 2024 is now seen at near 70% and speculation over a larger 50 basis-point move in November has also increased which undermined the UK currency….
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