{"id":102883,"date":"2020-08-06T03:00:12","date_gmt":"2020-08-06T07:00:12","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102883"},"modified":"2020-08-06T05:37:55","modified_gmt":"2020-08-06T09:37:55","slug":"103783-gbp-usd-pound-surges-on-boe-growth-upgrade","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\/","title":{"rendered":"GBP\/USD: Pound Surges On BoE Growth Upgrade"},"content":{"rendered":"<ul>\n<li><strong>BoE of kept interest rates on hold<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-pound-sterling-live-exchange-rate\/\">Pound<\/a> (GBP) rallies after BoE upwardly revises growth forecasts this year and said the recovery has been faster than initially expected.<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) trades lower versus major peers amid growing concerns over economic recovery<\/strong><\/li>\n<li><strong>Initial jobless claims expected to add to evidence that US job market recovery is stalling<\/strong><\/li>\n<\/ul>\n<p>The Pound US Dollar (GBP\/USD) exchange rate is surging, extending gains from the previous session. The pair settled on Wednesday +0.4% higher at US$1.3115, off the session high of US$1.3167. At 06:15 UTC GBP\/USD trades +0.4% at US$1.3157.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-eur-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to EUR exchange rate<\/span><\/a><\/div>\n<p>As expected, the Bank of England kept monetary policy on hold with interest rates remaining at the historically low level of 0.1% and the asset purchase programme at \u00a3745 billion after being extended by \u00a3100 billion in June.<\/p>\n<p>The central bank upgraded growth forecasts with the UK economy now expected to contract -9.5% this year compared to -14% forecast in May. The central bank also said that the economic downturn hadn\u2019t been a deep as initially feared and that the recovery had been faster than expected. The upbeat comments sent the Pound higher.<\/p>\n<p>The US Dollar is struggling versus its major peers on Thursday amid concerns that the US economic recovery could lag that of other countries owing to its high level of coronavirus cases. The same fears dogged the US Dollar in July and the currency experienced its worst monthly performance in a decade.<\/p>\n<p>Data in the previous session painted a mixed picture with ADP private payrolls showing that the US private sector\u2019s labour market was in troubled waters. Whilst the ISM non-manufacturing ISM showed that the US service sector gained momentum. New orders surged to a record high. However, the employment component declined.<\/p>\n<p>Attention will now turn to the U jobless claims data. Analysts are expecting initial jobless claims to decline very slightly to 1.41 million, down from 1.43 million last week. This could add to mounting evidence that the labour market recovery is stalling ahead of tomorrow\u2019s non-farm payroll report.<\/p>\n<div class=\"su-box su-box-style-default\" id=\"\" style=\"border-color:#000061;border-radius:3px;max-width:none\"><div class=\"su-box-title\" style=\"background-color:#071894;color:#FFFFFF;border-top-left-radius:1px;border-top-right-radius:1px\">GBP Index Today - last 90 days<\/div><div class=\"su-box-content su-u-clearfix su-u-trim\" style=\"border-bottom-left-radius:1px;border-bottom-right-radius:1px\">\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-102903\" src=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/d92a790df7c30ae323570152cbcdcb30.png\" alt=\"\" width=\"800\" height=\"348\" srcset=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/d92a790df7c30ae323570152cbcdcb30.png 800w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/d92a790df7c30ae323570152cbcdcb30-300x131.png 300w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/d92a790df7c30ae323570152cbcdcb30-768x334.png 768w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/d92a790df7c30ae323570152cbcdcb30-696x303.png 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<div style=\"font-size: 75%; line-height: 1.5;\"><div class=\"su-expand su-expand-collapsed su-expand-link-style-default no-margin\" data-height=\"0\"><div class=\"su-expand-content su-u-trim\" style=\"color:#333333;max-height:0px;overflow:hidden\">Currency Index charts show the <strong>strength of a single currency<\/strong> based on a basket of foreign currencies. This is done using a weighted mean (an average) of the 5 largest routes from that source currency and their daily FX rates. You can explore <a style=\"color:#0088FF\" href=\"\/exchange-rate\/\">live exchange rates here<\/a>.<\/div><div class=\"su-expand-link su-expand-link-more\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">What does this show? <\/span><\/a><\/div><div class=\"su-expand-link su-expand-link-less\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">Show less<\/span><\/a><\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BoE of kept interest rates on hold Pound (GBP) rallies after BoE upwardly revises growth forecasts this year and said the recovery has been faster than initially expected. US Dollar (USD) trades lower versus major peers amid growing concerns over economic recovery Initial jobless claims expected to add to evidence that US job market recovery [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[3072,1394,1536,1391,1397,1398],"class_list":["post-102883","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-bank-of-englad","tag-gbp","tag-jobless-claims","tag-pound","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD: Pound Surges On BoE Growth Upgrade - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Surges On BoE Growth Upgrade\",\"datePublished\":\"2020-08-06T07:00:12+00:00\",\"dateModified\":\"2020-08-06T09:37:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/\"},\"wordCount\":432,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100441-gbp-eur-dovish-sounding-boe.jpg\",\"keywords\":[\"Bank of Englad\",\"gbp\",\"jobless claims\",\"pound\",\"us dollar\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103783-gbp-usd-pound-surges-on-boe-growth-upgrade\\\/\",\"name\":\"GBP\\\/USD: Pound Surges On BoE Growth Upgrade - 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