GBP/EUR fell by around a third of a per cent yesterday, while sterling fought back against the US dollar before again dipping lower this morning.
News that the UK’s GDP output turned negative in October will be a worry to everyone, but none more so than the BoE. If growth continues to contract, calls for interest rate cuts will only grow louder, but policymakers are not keen to do so before they are confident inflation has been tamed. It may be a case of the last mile is hardest for Andrew Bailey and co.
GBP/USD: the past year
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