- The Pound Sterling performs strongly against its major peers on Thursday. The British currency strengthens as the upbeat United Kingdom (UK) economic outlook has boosted market expectations that the Bank of England’s (BoE) policy-easing cycle could be shallower this year compared to that of other central banks.
- The final estimate for S&P Global/CIPS PMI data released on Wednesday showed that overall economic activity in the UK expanded at a faster pace in August. The survey data showed that activity rose at the fastest pace since April, driven by a sharp expansion in manufacturing as well as the services sector.
- Financial market participants expect that the BoE will cut interest rates only once in the remainder of the year. The BoE pivoted to policy normalization in August. The central bank is expected to leave interest rates unchanged at 5% this month, and markets expect another cut in November or December.
- The Pound Sterling will be influenced by market sentiment and speculation for BoE interest rate cuts amid an absence of UK top-tier economic data. Next week, investors will focus on the Employment data for the quarter ending July and the monthly Gross Domestic Product (GDP) data for July.
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