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Pound Sterling Struggles as Expectations of Early BoE Rate Cut Weigh

Today's markets analysis on behalf of George Pavel General Manager at Middle East


June 21, 2024 ( Newswire) The British pound recorded some volatility as traders reacted to the release of new economic data today. The currency remained near its one-month low and could remain under some pressure due to expectations of a rate cut by the Bank of England (BoE) in August while the bank left rates unchanged at its latest meeting. Market sentiment is further influenced by the approaching UK election and BoE Governor Andrew Bailey’s comments on inflation. The pound slightly rebounded before coming back down after the UK retail sales report showed a notable improvement in May, with a month-on-month increase of 2.9% in retail sales figures, surpassing the anticipated 1.5% in a sign of the resilience of the British consumer. PMI data fueled some volatility while lower-than-expected figures could contribute to the downward trend of the currency. Treasury yields could also remain under pressure if markets continue to forecast a cut in August. New data next week in particular on GDP growth could further impact the Pound and yields.

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