The Pound to Dollar exchange rate could test the 2024 high at 1.3250 if the Federal Reserve cuts interest rates by 50 basis points this week.
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The British Pound is looking better supported against the Dollar, which sets up a platform for a more substantive rebound heading into next week's Federal Reserve interest rate cut.
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The Dollar was stronger after U.S. inflation beat expectations in August, with the important core CPI inflation reading hitting 0.3% m/m, beating consensus expectations of 0.2%.
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The Pound to Dollar exchange rate (GBP/USD) trades higher in midweek trade, with some analysts attributing a weaker USD to a strong showing by U.S. Presidential Candidate Kamala Harris.
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We forecast further losses for the Pound against the Dollar in the coming week, but we think downside will be limited to 1.3036.
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The Dollar fell after a softer-than-expected U.S. labour market report raised the odds of a 50 basis point interest rate hike at the Federal Reserve on September 18.
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The highlight of the week approaches in the form of the U.S. labour market report, where a surprise outcome can shake up markets ahead of the weekend.
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