The Pound Sterling (GBP) trimmed some of its earlier losses versus the US Dollar (USD) but remained on the defensive, registering modest losses of 0.%
GBP/USD trades at 1.2166, down modestly after reaching a daily high of 1.2211. Escalating tensions between Hamas and Israel, with Iran's intensified rhetoric, drive risk aversion, weighing on the Pound. Despite higher UK inflation for September ar 6.7%, odds for a BoE rate hike in early November remain subdued. , as the GBP/USD exchanges hands at 1.2166 after hitting a daily high of 1.2211.
Instead, the focus appears to be on the January meeting, with the odds of a rate hike standing at 51.65%. In the meantime, the UK economic docket revealed that inflation in September was higher than expected, hitting 6.7% YoY, with estimates of 6.6%. Despite that, interest rate probabilities for the Bank of England remain lower for a rate hike in early November after the BoE kept rates unchanged in September.
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