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BoE Monetary Policy In Boosting The Economy
On Thursday night, Bloomberg carried an update that pointed to rents rising faster than wages in the UK. According to the report, Britons who have moved into rental properties have seen prices rise at twice the rate of wages in the past year. Rents rose 12.1% in the 12 months to October. That compares with annual earnings growth of 6% in the three months to September.
Following Bloomberg’s report, the BoE will add 50 points to the Bank Rate next week and will raise borrowing costs by 3.50% even as the economy heads into recession. Chancellor Jeremy Hunt will rewrite the financial services rulebook on Friday, and Hunt will also scrap some safeguards to avoid a repeat of the 2008 crash, as part of an effort to boost the City of London as a driver of economic growth.
GBP USD News Today - US Goods and Services Trade Balance Worsens
On the other hand, the DXY is in a three-day downtrend as traders brace for a busy schedule of Fed monetary policy talks due next week. That said, the greenback’s gauge against six major currencies failed to track the recovery in the US Treasury yields while recovering from the downbeat US data. Earlier this week, the US goods and services trade balance deteriorated to $-78.2 billion versus the previous estimate of $79.1 billion. Following that, the Employment Units print for Q3 dropped to 2.4% QoQ versus 3.5% in the first estimate.It is worth noting that the greenback’s decline failed to cheer the sentiment challenges amid concerns over Russia and China as the US is gearing up for human rights sanctions against the two countries. The backdrop kept the S&P 500 and US Treasury yields under pressure while commodities and the Antipodeans supported the US weakness. Expected FOMC monetary policy meeting and BOE’s MPO will be crucial for the cable pair to watch and find a clear direction.
That is the information we provide regarding forex news for the GBP USD pair today. Continue to update the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah!
