GBP/USD extended its losses in the late New York session, dropping around 0.30% meanders at around 1.2700, amid growing recession woes in the UK as data showed business activity deceleration. That, alongside an aggressive 50 bps rate hike by the Bank of England (BoE) as a response to stubborn inflation, weighed on the Pound Sterling (GBP). At the time of writing, the GBP/USD exchanges hands at 1.2709. Read More…
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