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GBP/USD Slumps Amid Fed Hike Bets and Stagflation Fears

Guavy AI Editorial Team
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USD GBP
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The GBP/USD pair extended its decline in the Asian session on Thursday, trading at around 1.3230-1.3225 and nearing its lowest level since early July. This move mirrored a stronger US Dollar, which held near a nearly two-week high as expectations shifted towards another Federal Reserve rate hike.

Markets remained cautious ahead of a meeting between US President Donald Trump and China's Xi Jinping. The Fed's rate hike bets were reinforced by an S&P Global update showing US business activity accelerated for a fourth straight month in September, reaching its fastest growth rate since July 2021.

The US benchmark 10-year Treasury yield remained close to its highest level since 2007, with sterling staying under pressure due to the Bank of England's cautious hold-or-gradual-easing bias amid stagflation concerns. A mixed UK business activity release on Wednesday compounded this tone.

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