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GBP/USD recovers ground on Wednesday as the US Dollar (USD) trims some of its earlier gains amid a scarce economic docket on both sides of the Atlantic. At the time of writing, the pair trades at 1.3425, up 0.08%. Sterling finds footing near 1.34 amid improved sentiment and cautious tone from global policymakers The British Pound (GBP) stopped the bleeding as risk appetite improved, and the USD retreated. Nevertheless, the US Dollar Index (DXY), which tracks the performance of the US Dollar’s value against a basket of six currencies, including Sterling, is up 0.25% at 98.82, but beneath daily highs of 98.98. The US government shutdown extends to its eighth day. Bloomberg reported that US House Speaker Mike Johnson opposes any attempt to end the Senate filibuster to bypass Democrats and reopen the government. The lack of economic data in the US left traders adrift on comments by Federal Reserve (Fed) officials. St. Louis Fed Alberto Musalem and Governor Michael Barr crossed the wires but did not comment on monetary policy or the economic outlook. Later, traders will digest the latest minutes of the Federal Open Market Committee (FOMC) monetary policy meeting. Additionally, investors will digest words from Minneapolis Fed Neel Kashkari, Dallas Fed Lorie Logan and once more Fed Governor Michael Barr. Across the pond, analysts estimate that the UK economy will grow modestly, while inflation remains high near 4%. They are also penciling the release of the British fiscal budget on November 26, which has the potential for tax hikes to meet fiscal rules. Meanwhile, BoE Chief Economist Huw Pill is crossing the wires, saying that monetary policy should be resolutely focused on price stability and that policymakers should make a clear and credible commitment to achieve the inflation objective. On Thursday, traders eye BoE Catherine Mann’s speech.…

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Filed under: News - @ October 8, 2025 8:26 pm