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Forex

GBP Extends Losses on Strong US Economic Data and Rate Hike Bets

Guavy AI Editorial Team
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USD GBP
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The British Pound (GBP) continues to struggle against the US Dollar (USD), trading at around 1.3590 during European hours on Thursday.

This comes as the USD remains strong following robust economic data released on Wednesday, including a 0.2% month-on-month increase in July's PCE price index, beating expectations of 0.1%.

The surprise uptick has reinforced market bets that the Federal Reserve could deliver one final rate hike before year-end, leaving investors eagerly awaiting policy cues from Fed Chair Kevin Warsh's speech at the upcoming Jackson Hole symposium.

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