Bearish
GBP/USD drops to 12-week low of 1.3250 amid strong US economic data.
GBP/USD has declined to a 12-week low of 1.3250, influenced by robust US economic indicators and a hawkish Federal Reserve stance. The US services sector expanded significantly, while UK services growth slowed, contributing to the pound's weakness.
Key points
- US services PMI surged to 58.7, surpassing UK's 51.7, indicating stronger US economic momentum.
- Federal Reserve's recent rate hike and hawkish outlook bolster USD, pressuring GBP.
- UK services sector growth slowed to 51.7, suggesting moderate economic expansion.
Sources
AI-generated from public news sources. Not financial advice.
