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Sterling gains on strong UK growth
Published in Amwal Al Ghad on 15 - 08 - 2024

The pound sterling edged higher on Thursday following solid British GDP data. Conversely, the euro held steady above $1.10, near its recent seven-month peak, supported by US inflation figures that bolstered expectations of a Federal Reserve rate cut next month.
Sterling rose 0.24 per cent against the dollar to $1.2857 after data showed the UK economy grew by 0.6 per cent in the second quarter of 2024, meeting economists' expectations and building on a 0.7 per cent growth in the first quarter. The pound also gained against the euro, which dipped 0.2 per cent to 85.63 pence.
The euro remained stable against the dollar at $1.1010, close to its highest level this year of $1.10475, reached on Wednesday. This followed US consumer price index data that indicated a moderate inflation rise, suggesting a downward trend in inflation and tempering expectations for aggressive Fed rate cuts.
Market sentiment has shifted, with traders now pricing in a 64 per cent chance of a 25-basis-point rate cut next month, down from earlier hopes for a 50-basis-point reduction.
Analysts, including Jane Foley of Rabobank, noted that while monetary easing is anticipated, the market is adjusting to the reality of less aggressive rate cuts.
Other currency movements included the yen, which remained steady at 147.31 per dollar after Japan's economy grew by an annualised 3.1 per cent in the second quarter, exceeding expectations.
The Norwegian crown also firmed slightly after the central bank kept rates unchanged, trading at 11.76 per euro and 10.68 per dollar.
Meanwhile, the Australian dollar gained 0.5 per cent to $0.6630 after Australian employment data exceeded forecasts, with a slight increase in the jobless rate. In contrast, China's yuan weakened against the dollar due to disappointing July factory output growth.
Attribution: Reuters
Subediting: Y.Yasser


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