GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut
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GBP/USD trades on a stronger note near 1.2450 amid softer USD on Wednesday. US flash S&P Global Manufacturing and Services PMI came in weaker than expectations in April. BoE’s Pill said inflation must be squeezed out of the UK economy and cautioned against cutting too soon. Business activity in the United States slowed in April to a four-month low. The Federal Reserve officials look for signs that the economy is ebbing enough to bring inflation down further. The speculation that the BoE will cut interest rates in summer declined as the UK chief economist reiterated the need for “restrictive” monetary policy.
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