GBP is too weak. Overview for 16.04.2024

The British pound, paired with the US dollar, attempted to recover but without success. The current GBPUSD exchange rate stands at 1.2437.

Yesterday’s release of US retail sales data reduced the pound’s ability to recover from its sharpest decline since June.

The UK will publish statistical data on the employment market on Tuesday and inflation on Wednesday. All these reports will be crucial for the Bank of England, which meticulously selects statistics for analysis. This week could significantly influence the BoE’s policy in the coming months.

Any surprises in the wages report could substantially impact the trajectory of the GBP.

Markets believe August could be when the British regulator decides to reduce the interest rate.