GBPUSD Hits 2-Week Low: Market Eyes Economic Updates

GBPUSD Analysis – The British pound fell to $1.27, its weakest in two weeks, as the market waits for important inflation updates due on Wednesday. This comes before decisions from the Bank of England and the Federal Reserve later this week. It’s believed February’s inflation data will show a decrease, suggesting the UK’s inflation could drop to 3.5%, a figure not seen since September 2021.

The primary inflation rate might drop to a two-year low of 4.6%. Most believe the Bank of England will keep its rates steady at 5.25% this Thursday. UK decision-makers seem to be considering rate cuts in August, unlike the European Central Bank and the Fed, which are expected to make moves in June.

GBPUSD Hits 2-Week Low