Pound clocks up worst week this year on rates forecast

  • Sterling ended the week nearly 1% lower against the dollar 

The pound clocked up its worst week this year as investors grappled with interest rate expectations on both sides of the Atlantic.

Sterling ended the week nearly 1 per cent lower against the dollar as bets on Bank of England rate cuts were brought forward. 

Figures published yesterday showing inflation expectations among the UK public were at their lowest since August 2021 added to pressure on the Bank to act sooner.

Separate data earlier this week showed the jobs market cooling. 

At the same time, the likely timing of a cut by the US Federal Reserve is being pushed back after figures showing an unexpected rise on inflation.

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But traders see a 50/50 chance that a UK cut could happen as soon as June.

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