The Pound Sterling (GBP) discovered intermediate support as investors started digesting the potential risks of global economic turmoil due to restrict
BoE policymaker Swati Dhingra warned that current monetary policy is “sufficiently restrictive” and that more hikes could hurt the UK economy. The narrative of keeping interest rates steady in coming months got support from BoE Governor Andrew Bailey, who conveyed that the interest rate peak is near. Higher wage growth due to labor shortages has been a driving factor in stubborn UK inflation.
Potential risks of economic turmoil in the UK region increase as the service sector contracts for the first time in the past seven months, while the Manufacturing PMI has remained below the 50.0 threshold for a lengthy period. Wage growth momentum is swift due to labor shortages, leaving more money in the palms of households for disposal. This could back higher consumer spending momentum and eventually would result in stubborn inflation.
Meanwhile, the Recruitment & Employment Confederation reported on Thursday that permanent staff placement dropped to 38.9, the lowest since June 2020. The US Dollar faces some pressure as Federal Reserve policymakers delivered a neutral commentary about September's monetary policy.
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