POUND FALLS FOR SECOND SESSION, UK EQUITIES IN RED

Published on May 17, 2024 15:20

British Pound eased against the US dollar for a second session today as weakness in US equities weighed on the sentiments amid most gains in the US dollar. The GBPUSD pair is currently quoting at 1.2652, down 0.21% on the day. Pound has eased from a five week high and looks slightly weary as the benchmark stock market index FTSE100 is in red today, quoting down 0.40% on the day. The United Nations noted yesterday that In the United Kingdom, a mild recovery is underway after the economy slipped into recession in the second half of 2023. GDP is projected to grow by 0.8% in 2024 and 1.5% in 2025, up from 0.1% in 2023. While this is slightly encouraging for the Pound, the uncertainty over US Fed�s monetary policy is keeping Dollar supported and is pushing major currencies lower.