Further Sterling weakness seems likely – Commerzbank GBPUSD BOE InterestRate Banks UnitedKingdom
hiked its key rate by 50 bps to 4%, but it softened its communication notably. Sterling came under strong selling pressure following the event. Economists at Commerzbank expect further GBP weakness.“It became clear that the BoE is quite close to the end of its rate hike cycle.”
“The impression suggests itself that the BoE might have hit the communication break a little too soon, as inflation is in double digits, and it will yet have to be seen whether it eases that quickly after all. The labour market seemed quite robust until now and the“Although the BoE left the door open for further rate hikes, from the FX market’s point of view a more decisive approach would have been desirable in view of the high uncertainty.
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