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The Pound recovered lost ground from a broadly softer U.S. Dollar in the opening session of a holiday-shortened week and reached some of its best levels against the Euro since December amid broad gains across the government bond complex.
The British Pound is back on "negative watch"
Pound Sterling exchange rates fell widely in midweek trade after UK inflation fell less than many forecasters expected for the recent month with possible implications for the Bank of England (BoE) interest rate outlook, though analysts and economists have a wide range of views on the outlook.
Headline UK inflation has fallen back sharply when compared to a month ago, but the fall was not great enough to undershoot market expectations, leaving the Pound supported.
The UK economy likely continued to grow in May according to new survey data, but because the figures came in below analyst expectations the British Pound fell back.
As sterling continues its rally against the dollar, portfolio managers now have numerous different trading styles to choose from in comparison to a decade ago – with FX trading more complicated than ever.
Sentiment towards the British Pound continues to improve with the Commitments of Traders (COT) report showing investors are the most bullish since 2021.
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