- Pound sterling ended the week almost 1% lower against the dollar
The pound had its worst week this year as investors grappled with interest rate expectations on both sides of the Atlantic.
Pound sterling ended the week almost 1 percent lower against the dollar as bets on interest rate cuts were brought forward by the Bank of England.
Figures published yesterday showing inflation expectations among the British public at their lowest level since August 2021 increased pressure on the Bank to act sooner.
Worst week: The British pound ended the week almost 1 percent lower against the dollar as bets on Bank of England rate cuts were brought forward
Separate data earlier this week showed the labor market was cooling.
At the same time, the likely timing of a cut by the US Federal Reserve is being postponed after data showed an unexpected rise in inflation.
But traders see a 50/50 chance that a UK rate cut could happen as early as June.