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Why has GBP/USD underperformed EUR/USD?
Not all is well with GBP/USD. That was the message from the currency market on Thursday. While 25 bps hike by the Bank of England (BoE) was widely expected, the narrow vote of 5 to 4 against raising rates by 50 bps was not. By any measure, this was as hawkish a signal imaginable from the BoE short of raising by more than 25 bps. Still, after GBP/USD spiked to a high of 1.36281 on the decision, it quickly retraced its gains to close 0.19% higher on the day at 1.35993. By mid-Friday trading, GBP/USD had slipped below Wednesday’s closing price as Boris Johnson’s government faced further challenges, raising more ... (full story)
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