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Cable hits session low as recession worries outweigh rate hike boost

The pound is under moderate pressure after the Bank of England surprised markets with a 50 basis point rate hike, taking the bank rate to 5.00%.Normally rate hikes are bullish for a currency as they boost yields but in this case a pair of things are weighing on the pound:1) Hikes were expected later anyway, so this is more of a timing change than a genuine surprise. That said, the terminal rate expected by markets has also edged up, so there is genuine change. 2) By hiking more aggressively now,... Read More

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Cable

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Session

Recession

Worries

Outweigh

Rate

Hike

Forex

Posted: Jun 22 2023, 13:11

Author Name: forexlive

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