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The Pound Sterling falls against the US Dollar as BoE rate-cut bets surge. Weak UK Retail Sales lift bets supporting BoE rate cuts in August. Investors await the preliminary US/UK S&P Global PMI data for July. The Pound Sterling (GBP) continues to hold the key support level of 1.2900 against the US Dollar (USD) in Tuesday’s London session. The GBP/USD pair edges down but remains inside the tight range of 1.2900-1.2940 as the recovery move in the US Dollar (USD), driven by growing speculation of Donald Trump winning the United States (US) presidential elections in November, appears to have stalled with focus on a slew of economic data this week.  The US Dollar Index (DXY), which tracks the Greenback’s value, against six major currencies, hovers near 104.30. This week, investors will focus on the US preliminary S&P Global Purchasing Managers Index (PMI) for July, Q2 Gross Domestic Product (GDP), and Durable Goods Orders and Personal Consumption Expenditures Price Index (PCE) data for June. The economic data could provide fresh cues about when the US Federal Reserve (Fed) will start reducing interest rates this year. Economists expect the Manufacturing PMI, scheduled on Wednesday, to have expanded at a nominal pace to 51.7 from June’s reading of 51.6. The Services PMI, a measure of activities in the service sector, is estimated to have expanded at a slower pace to 54.4 from the prior release of 55.3. According to the CME FedWatch tool, 30-day Federal Fund futures show the central bank beginning to lower its key borrowing rates from their current levels in the September meeting. The Fed is also expected to cut interest rates again in November or December. Daily digest market movers: Pound Sterling drops against its major peers The Pound Sterling weakens against its major peers, except the Australian Dollar…

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Filed under: News - @ July 23, 2024 8:20 am