Currency Buzz: GBP/USD Recovers As Dollar Eases Slightly

11 Feb 2022 , 04:20 PM

GBP/USD recovered some of its lost ground against the dollar and is currently seen quoting at 1.3564. The pair witnessed some selling during the early part of the trading day on Friday and dropped to the lower end of its weekly trading range amid broad strength in dollar. The greenback gained on expectations that the Fed will tighten its monetary policy at a faster pace to combat high inflation and exerted pressure on the GBP/USD pair. However, the greenback pulled back slightly, giving up 96-mark levels, paving way for gains in sterling. Meanwhile, UK gross domestic product grew 1 percent sequentially in Q4, the same pace of expansion as seen in the third quarter, the Office for National Statistics said on Friday. On a yearly basis, GDP grew 6.5 percent. GDP expanded by an estimated 7.5 percent in 2021, following a 9.4 percent fall in 2020. In December, GDP contracted 0.2 percent, in contrast to the revised 0.7 percent growth in November.

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