The Pound Sterling (GBP) surrendered gains as the S&P Global reported a contraction in the United Kingdom's Manufacturing PMI for the 14th time in a r
ow and the US Dollar rebounded ahead of Federal Reserve Governor Jerome Powell's speech.. The GBP/USD pair is struggling to improve the United Kingdom’s learning curve in handling the repercussions of higher interest rates by the Bank of England . The BoE has paused its policy-tightening spell after raising them to 5.25% to safeguard the economy from further slowdown.
GBP/USD closed the previous week in negative territory as the US Dollar capitalized on rising US Treasury bond yields and the risk-averse market atmosphere. As US Congress passed a stopgap funding bill to avoid a government shutdown over the weekend, investors breathed a sigh of relief. Highlighting the improving market mood, US stock index futures gained traction at the weekly opening and were last seen gaining between 0.5% and 0.8%.
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