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Sterling is pressured and the dollar weakens as attention shifts to US inflation

By Rana Gharib
21 Dec,2023
Sterling is pressured and the dollar weakens as attention shifts to US inflation

The greenback plunged on Thursday while the pound continued to lose ground in trade that was slack affected by holiday, before the year's final significant inflation figures release on Friday.

Wednesday saw the worst decline in the value of the pound against the US dollar in two months as inflation in Britain fell short of expectations to an annual 3.9% rate in October, marking a two-year low.

The dollar index that gauges the greenback versus its major pairs slipped by 0.4% at 102.01.

EUR/USD advanced by 0.4% at $1.0986.

GBP/USD dropped 0.7% to $1.2638 as traders anticipated rate cuts from the BOE as early as May. It touched one-week low at $1.2613 on Thursday, but as the greenback weakened, it somewhat recovered. Trading lastly at  $1.2669.

USD/JPY climbed 0.6% at 142.725 per dollar.

The safe-haven yen benefited from sentiments as Japan raised its fiscal year GDP forecast to 1.6%.

 

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