The dollar looked set to post its best week in over a month on Friday on expectations that US rates could peak higher, while sterling was on the ropes as investors revised their rate projections after a shift in tone from the Bank of England.
Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since September’s market turmoil triggered by an economic plan that alarmed investors.
“It’s been sort of coming for some time that the Bank of England is a reluctant hiker … in the current environment. But certainly, those inflation numbers are still way too high.” Fed rate futures now point to a terminal rate of about 5.15% by June, with US Treasury yields moving in step with the higher expectations.
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