The dollar was the worst performer of the major currencies yesterday, slipping by 0.35% against the pound.
New interest rate predictions from major banks forecast that the Federal Reserve will make deep interest rate cuts over the next two years as inflation continues to cool. Economists at Morgan Stanley predict the Fed will begin to cut rates in June 2024.
After lunch today, US core inflation figures will be released. The market expects the core rate to increase 0.3% on the month and the annual rate to come in at 4.0%. Headline inflation is forecast to fall from 3.7% to 3.3%, a significant shift closer to the Federal Reserve’s 2.0% target.
USD/GBP: the past year
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