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The latest UK S&P PMIs suggest that the economy is growing by 0.2-0.3% in Q1 2024, confirming the BoE’s view that the UK’s recession is likely to be short-lived.
The sharp re-pricing of ECB and Fed rate expectations compared to the BoE can be seen clearly in GBP/USD and EUR/GBP and may continue going into 2024.
The US dollar is trying to move higher after the latest FOMC minutes showed that the Fed in no mood to cut interest rates anytime soon.
Range Trading Unfolds as Several Major Global Central Banks May Have Put the Cue Back in the Rack on Rate Rises.
British Pound bulls’ struggle to gain traction ahead of UK data. Given the uptick in US and Canadian inflation will the UK follow a similar path?