After months of speculation about when interest rates will be cut, the pressure for cuts to take place has been “ramped up” by the news that the UK economy has slipped into a recession.There have now been three recessions in the past twenty-five years, The first followed the financial crisis in 2008 and was by far the most severe. The recession that took place in 2022 was precipitated by the first Covid lockdown when the country’s retail and services sectors simply closed down.The economy has been “bumping along the bottom” for some time, and a recession can be caused by a slowdown in a single sector of the economy. That is what marks the current contraction apart.The construction sector has been struggling for a considerable period. It was on the cusp of a significant slowdown for almost 2023, but the fourth quarter of the year saw borrowing costs and inflation take a toll on activity.Although both the services and manufacturing sectors appeared to “weather the storm”, it was building projects which took the hit.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.