{"id":46057,"date":"2023-08-08T18:22:26","date_gmt":"2023-08-08T22:22:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/pound-struggles-against-dollar-with-more-pain-ahead-as-boe-hike-bets-overcooked\/"},"modified":"2023-08-08T18:22:27","modified_gmt":"2023-08-08T22:22:27","slug":"pound-struggles-against-dollar-with-more-pain-ahead-as-boe-hike-bets-overcooked","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46057","title":{"rendered":"Pound struggles against dollar, with more pain ahead as BoE hike bets overcooked"},"content":{"rendered":"
\n

Investing.com — The pound slipped against the dollar Tuesday as sourcing sentiment on risk assets pushed flows into the arms of the safe-haven dollar, with more pain likely ahead for the currency as some warn bets on Bank of England rate hikes are overstretched.<\/p>\n

fell 0.34% to $1.2740.<\/p>\n

\u201cGBP is set to continue to underperform,\u201d MUFG said, warning that expectations for another 50 basis of rate hikes are \u201cexcessive\u201d as only one further 25 basis point hike is likely.<\/p>\n

The less hawkish view on the rate hikes comes as incoming data strengthens the case for Bank of England, or BoE to \u201cpossibly pause its tightening cycle,\u201d it added.<\/p>\n

Others agree, with ING saying it a note that it believes \u201cmarkets are overestimating BoE tightening, will have to scale down expectations.\u201d<\/p>\n

Last week, the BoE hiked rates by 0.25% for the 14th\u00a0time and warned of risks of more persistent inflationary pressures beginning to \u201ccrystallise.\u201d<\/p>\n

But signs of softening in the labor market and recent retail sales data showing slower consumer spending is \u201ccertainly strengthening the case for the BoE to possibly pause its tightening cycle,\u201d MUFG added.<\/p>\n

Retail sales in the 12 months through July rose by 1.8% down from 4.2% the prior month and well below economists\u2019 expectations of 3%, BRC Retail Sales data showed Monday.<\/p>\n

As well as bets on a less hawkish BoE, the recent selloff in risk assets including equities has dampened demand for the pound, which has a high beta, or closely follows the move in risk assets.<\/p>\n

The pound is likely to keep tracking the downward move in risk assets, ING says, forecasting the euro to likely benefit.<\/p>\n

\u201cExpect the pound\u2019s beta-to-risk sentiment to remain elevated for now, and can climb back to 0.87-0.88,\u201d it added.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The pound slipped against the dollar Tuesday as sourcing sentiment on risk assets pushed flows into the arms of the safe-haven dollar, with more pain likely ahead for the currency as some warn bets on Bank of England rate hikes are overstretched. fell 0.34% to $1.2740. \u201cGBP is set to continue to underperform,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":46058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-46057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nPound struggles against dollar, with more pain ahead as BoE hike bets overcooked | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- The pound slipped against the dollar Tuesday as sourcing sentiment on risk assets pushed flows into the arms of the safe-haven 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