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The pound recovers slightly to $1.3172 after a decline, but is set for its worst weekly drop in over a year.
Governor Bailey's comments triggered a 1% drop in the pound, suggesting faster rate cuts if inflation keeps falling.
The pound rose over 1% this week, supported by strong UK retail sales and a Federal Reserve rate cut weakening the dollar.
The pound rises over 70 pips, with traders awaiting UK inflation data and the Bank of England's upcoming rate decision.
Gold surged to record highs as markets anticipate a 50 bps Fed rate cut, while bonds and stocks rallied.
Speculation of a 50-basis-point Fed rate cut has reemerged weakening the dollar and boosting gold to record highs.
The US dollar has fallen 5% from its 2024 highs amid rising expectations of upcoming Federal Reserve interest rate cuts.
The dollar slipped slightly but remains strong ahead of Friday's crucial U.S. jobs report, influencing Fed rate cut expectations.
The Euro has surged against the U.S. dollar, its highest since December 2023, driven by the dollar's sharp decline.
Aggressive currency interventions by Japan's authorities have effectively capped the surging US dollar-yen exchange rate.