Forex Analysis by Investing.com (Damian Nowiszewski) covering: GBP/USD. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Labour Party secures majority in UK election with 412 seats, calming market expectations.US inflation data crucial; weaker figures could extend USD depreciation, influencing near-term trading dynamics.
This stance leaves the Bank of England poised to potentially initiate its interest rate cut cycle, possibly as soon as in the upcoming meeting.This anticipated move is already factored into current market sentiments. Any additional strengthening of the British pound could prompt the Bank of England to signal readiness for a comprehensive rate adjustment cycle.
If the final data come in below current forecasts, it is likely that the depreciation of the US dollar will persist, with actual rate cuts in September becoming the baseline scenario.The demand momentum observed since the beginning of the month has faced resistance from the supply side near the local peak around the price level of 1.2840.
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