Forex

Sterling sharpens decline to three-week trough

2020-01-14 10:04:33 GMT (Economies.com)

Sterling retreated in European trade against dollar for the sixth straight session to three-week low on prospects of a UK rate cut and following weak data. 

 

GBP/USD fell 0.3% to 1.2954, a December 24 low, after losing 0.6% yesterday, marking the longest losing streak since mid December. 

 

UK rate hike futures rose 25% after statements from a BoE member who said he'll vote for a rate cut in the policy meeting this month. 

 

The sentiment was bolstered after GDP shrank in November by the worst margin since April, while manufacturing weakened sharply as well. 

 

The UK economy is expected to suffer as well in 2020 as Brexit takes place on January 31. 

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