GBP/USD Drifts Lower to 1.2620 as UK GDP Data Looms
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#ceb5d66c ver:0.41
The GBP/USD currency pair is trading softer around 1.2630 in Wednesday's early Asian session. The pair reversed its direction after dipping below 1.2700 on Wednesday and closed the day higher, supported by the broad-based selling pressure on the US dollar. The US Durable Goods Orders rose 1.4% in February, better than expected. The Bank of England's Catherine Mann dampened expectations for large interest rate cuts this year, warning that financial markets are expecting too many rate cuts and that the BoE is unlikely to move before the US Federal Reserve. On Thursday, the US and UK Gross Domestic Product (GDP) data will be released. Traders will take more cues from UK GDP growth numbers, which are estimated to contract 0.3% QoQ and 0.2% YoY in the fourth quarter. Despite recent monthly infl...
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