Pound Sterling retreats as persistent inflation shrinks GDP
Berita Bitcoin Ethereum Pound Sterling recovery falters as the risk-off profile eases, while broader bias is still weak. The UK economy shrank in July due to a sheer decline in service sector output. Investors await the inflation data for August, which will be released next week. The Pound Sterling (GBP) recovery fades due to the upside risks of the global economic slowdown. The asset retreats as the broader trend is bearish due to bleak economic fundamentals. The GBP/USD pair could resume the downside journey as the tight interest rate policy by the Bank of England (BoE) has dampened the labor demand outlook and has exposed the economy to a possible recession. The UK economy shrank in July due to a sheer decline in service sector output as persistent inflation narrowed households pockets. Inflation risks are skewed to the upside as wage growth remains strong. The Pound Sterling is expected to deliver a bumpy ride as investors shift focus to the Consumer Price Index (CPI) data for August, which will be released next Wednesday. The inflation data will be followed by the interest rate decision from the BoE, which will be announced next Friday. Daily Digest Market Movers: Pound Sterling faces selling pressure as market mood dampens Pound









