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The Pound Sterling drops to near 1.3400 against the US Dollar as the latter trades firmly. Investors await Fed Powell’s speech for fresh cues on the monetary policy outlook. Flash UK S&P Global Composite PMI for August beats estimates. The Pound Sterling (GBP) posts a fresh two-week low around 1.3400 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair extends its losing streak for the fifth trading day as the US Dollar continues to outperform on the back of easing Federal Reserve (Fed) dovish speculation for the September monetary policy meeting. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, refreshes a 10-day high near 98.80 during European trading hours. According to the CME FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points (bps) in September has eased to 73.3% from 85.4% seen a week ago. Dovish expectations have eased ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, scheduled at 14:00 GMT, in which he is expected to reiterate his argument that monetary policy adjustments are inappropriate until the central bank gains absolute clarity about the tariff-impact on inflation and the economy. “With another inflation and payrolls print still due before the September meeting, Powell has every reason to stay patient and keep optionality open,” analysts at Saxo said. Meanwhile, the comments from Kansas City Fed Bank President Jeffrey Schmid on Thursday also signaled that there is no rush for interest rate cuts as inflation is still above the central bank’s target of 2%. “Not in a hurry to cut interest rates as the inflation number is likely closer to 3 than 2, and there is work to do,” Schmid said, Reuters reported. Investors should note that Schmid is a…

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Filed under: News - @ August 23, 2025 3:22 am