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Forex

GBP Tumbles Against USD Amid Fed Rate Hike Expectations

Guavy AI Editorial Team
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USD GBP
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The British Pound (GBP) has fallen by 0.1% to around 1.3500 against the US Dollar (USD) during the European trading session on Wednesday.

This decline is largely due to the US Dollar's advance, with market participants pricing in a 25 basis points interest rate hike by the Federal Reserve (Fed) in its policy meeting this month.

The CME FedWatch tool shows there is a 67% chance that the Fed will hike interest rates in the upcoming policy meeting.

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