The pound starts this week relatively unchanged from Friday against its major rivals after UK inflation figures caused it to fall. Compared to last Monday, GBP/USD is trading 1.75% lower and GBP/EUR is close to 0.5% lower. However,…
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On Wednesday evening (UK time) the Federal Reserve is expected to hike interest rates 25 basis points from 5.25% to 5.5%. This comes following the FOMC’s decision to leave rates unchanged in June.
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This Thursday, policymakers from the European Central Bank will announce the latest interest rate for the Euro Area. Markets expect a 25-basis point rise, which would take the rate to 4.25%.
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The Bank of England isn’t due to release its latest interest rate until August 3, but investors remain cautious following the previous monetary tightening and slower-than-expected UK inflation figures.
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The dollar has staged something of a comeback in recent days, climbing by around 0.5% against both the euro and pound yesterday.
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It was all downhill for the single currency yesterday, with losses of between 0.2% against the British pound and as much as 1.3% against the Chinese yuan adding up to its worse day for over a month.
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Sterling ends the week around 1% down on average against its major rivals, with more notable losses against the US and Canadian dollars and the Norwegian krone, and 0.75% down on the euro.
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Yesterday sterling regained a little of its losses against the euro, but remains close to 1% down on where it was before Wednesday’s inflation announcement. A more muted recovery against the US dollar, with the pound still 1.7%…
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