<\/p>\n
Thursday\u2019s Bank of England (BoE) statement and minutes suggested officials are getting closer to cutting interest rates<\/a>, ING\u2019s FX Strategist Francesco Pesole notes.<\/p>\n \u201cThe recent upside surprises in services inflation (5.7%) are attributed to volatility related to annual price hikes, not a significant trend, and while the BoE isn\u2019t pre-committing to anything, an August rate cut is likely if the next inflation report doesn\u2019t contain surprises.\u201d<\/p>\n \u201cThree rate cuts in 2024 starting from August remain ING\u2019s base case, which is more dovish than the two cuts priced in by the market. An August move is only 60% priced in at the moment.\u201d<\/p>\n \u201cThis makes us lean on the bearish side of sterling, although the political events in the eurozone<\/a> mean that a EUR\/GBP rebound may be delayed further. We expect most of Pund Sterling\u2019s weakness to be channeled via GBP\/USD<\/a>, which we expect to trade back under 1.25.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Thursday\u2019s Bank of England (BoE) statement and minutes suggested officials are getting closer to cutting interest rates, ING\u2019s FX Strategist Francesco Pesole notes. August cut is a must, GBP\/USD set to fall under 1.25 \u201cThe recent upside surprises in services inflation (5.7%) are attributed to volatility related to annual price hikes, not a significant trend, […]<\/p>\n","protected":false},"author":2,"featured_media":6541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[299,201,712,248,251,246,257,927,641,255,250,252,247,253,249,308,256,254],"class_list":["post-329381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-banks","tag-blockchain","tag-boe","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-eurgbp","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=329381"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329381\/revisions"}],"predecessor-version":[{"id":329382,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329381\/revisions\/329382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6541"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=329381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=329381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=329381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}August cut is a must, GBP\/USD set to fall under 1.25<\/h2>\n