GBP/USD remained weak for the second straight session, trading around 1.2320 during Asian hours on Thursday (1/23). The pair faced challenges as the US Dollar (USD) received support as President Donald Trump issued a memorandum instructing federal agencies to investigate and address the ongoing trade deficit.
The greenback could appreciate further as traders expect the US Federal Reserve (Fed) to keep its benchmark interest rate steady in the range of 4.25%-4.50% at its January meeting. Moreover, Trump's policies could boost inflationary pressures, potentially limiting the Fed to just one more rate cut.
The Pound Sterling (GBP) continued to face pressure after weaker-than-expected UK inflation and retail sales data for December, sluggish labor demand in the three months leading up to November, and modest GDP growth. As a result, traders anticipate a 25 basis point (bps) interest rate cut by the Bank of England (BoE) in February. It is almost certain that the BoE will cut interest rates to 4.5% during its upcoming policy meeting.
Traders are expected to pay close attention to Friday's release of the preliminary S&P Global Purchasing Managers' Indexes (PMIs) for the UK and the US for January. In addition, the US Michigan Consumer Sentiment Index will be in focus. These indicators are likely to provide important insights into near-term economic trends. (AL)
Source: FXstreet
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