Pound slides amid gloomy UK outlook
The past couple of weeks have been characterised by a downbeat market mood, which has been particularly painful for the pound.
The past couple of weeks have been characterised by a downbeat market mood, which has been particularly painful for the pound.
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We witnessed some notable swings in the currency market over the past couple of weeks, as investors revised interest rate expectations for the Bank of England (BoE), European Central Bank (ECB) and Federal Reserve.
The pound trended broadly higher over the past couple of weeks as some stronger-than-expected UK data releases bolstered Bank of England (BoE) interest rate expectations.
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Trade in the pound has been highly changeable over the past couple of weeks as Bank of England (BoE) interest rate speculation has proven to be a double-edged sword for the currency.
The US dollar enjoyed strong support through the second half of May, with the safe-haven currency being propelled to multi-month highs amid a prevailing risk-off mood.
After a chaotic start to the month amid a crisis in the banking sector, the currency market stabilised in the second half of March as contagion fears eased.
The past couple of weeks have seen movement in the currency market grow increasingly volatile amid frequent repricing of central bank interest rate expectations.
Central bank policy bets boost the euro and dent the US dollar – Central bank dynamics have driven the currency markets over the last fortnight.