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1.25 In Six Months Say ING: Pound To US Dollar 2024 Forecast
European currencies have been resilient against the dollar during May with the Pound to Dollar (GBP/USD) exchange rate able to make limited net headway to just below the 1.2600 level. ING expects relatively low volatility will continue which will help cushion the Pound, but Bank of England (BoE) rate cuts will hold GBP/USD to 1.25 on a 6-month view. ING considers that the next UK inflation reading later this month will be crucial for the BoE with favourable data needed for Governor Bailey to convince a majority that a rate cut is justified. Overall, it narrowly expects the first rate cut in August, but would not be ... (full story)