GBP/USD languishes near its lowest level since 1985, just above mid-1.1300s – by hareshmenghani GBPUSD Recession Fed BOE Currencies
The UK’s bleak economic outlook undermines the GBP and contributes to the intraday slide.The GBP/USD pair
In the absence of any fresh catalyst, a bleak outlook for the UK economy continues to undermine the British pound and exerts some downward pressure on the GBP/USD pair. The UK Office for National Statistics reported on Friday that monthlyrecorded the biggest fall since December 2021 and fell much more than expected in August. This is seen as another sign that the economy is sliding into recession.
Furthermore, the prevalent risk-off environment provides an additional lift to the safe-haven buck. Theremains fragile amid worries that rapidly rising borrowing costs, along with headwinds stemming from China's zero-covid policy and the protracted Russia-Ukraine war, would lead to a deeper global economic downturn. This, along with the worsening US-China relationship, tempers investors' appetite for riskier assets.
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