October 16, 2024 – Written by David Woodsmith
STORY LINK Slide in Oil Prices Offsets Benign UK Wages Data, GBP/USD Above 1.3000
UK wages data reinforced very strong market expectations that the Bank of England (BoE) would cut interest rates at the November policy meeting.
The Pound to Dollar (GBP/USD) exchange rate dipped to 1.3035 before a recovery to 1.3070 as the dollar lost ground in global markets, although the overall range was little changed.
The 1.3000 area remains crucial for the pair. According to UoB; “a breach…
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