61 The British pound is establishing dominance over more than 90% of global currencies this year, fueled by indications of a stronger-than-anticipated performance in the UK economy. Data tracking over 140 foreign exchange rates by Bloomberg reveals that only 11 currencies, including those of Kenya, Zambia, and Sri Lanka, have surpassed the sterling in 2024 .Analysts attribute this trend to the perceived resilience of the British economy. This positive outlook is expected to prompt the UK to maintain its current interest rates for a longer duration compared to major counterparts like the US Federal Reserve and the European Central Bank. While forecasts suggest rate cuts from the Fed and ECB in June, expectations are for the Bank of England to commence easing measures in August. Athanasios Vamvakidis, head of G-10 currency strategy at Bank of America, points out a significant shift from the challenging growth-inflation scenario of the previous year to a recovering economy and declining inflation. Vamvakidis anticipates the pound to climb to $1.37 by year-end, underscoring an improvement in data indicators supporting GBP amidst prevailing bearish sentiment. Recent market movements have seen the pound reach around $1.29, its highest level in seven months. Upcoming data releases are anticipated to reinforce this momentum, strengthening the narrative of a resurgent UK economy .Forecasts predict robust job market indicators, with average weekly earnings expected to rise by 5.7%. Furthermore, monthly gross domestic product data is likely to show growth in January following a minor contraction in December, while industrial production is set to post a 0.7% annual advance, slightly exceeding the previous month’s pace. Despite concerns over a potential economic downturn in 2023, the UK managed to avoid a severe slump. However, aggressive interest rate hikes led to economic stagnation, with consumers facing pressures from rising costs in food, energy, and mortgage payments. You Might Be Interested In In India update, World Bank lifts GDP growth forecast to 6.9% Asia Shares Reach Seven-Month High Ahead of US Jobs Data First Minister Yousaf Criticizes UK Budget, Advocates for Stronger Scottish Economy Marriott International and Delonix Group Forge Strategic Alliance Indian Refiners Boost US Crude Purchases Amidst Russian Sanctions Tightening With Supply Tightening, What Next For the Price of Oil?