Sterling set for second weekly decline vs dollar as economic outlook weighs ✔️ Stratford Management Tokyo Japan

June 10, 2022
Posted by: Stratford Team
Category: Economy

A shop cash register is seen with both Sterling and Euro currency in the till at the border town of Pettigo, Ireland October 14, 2016. REUTERS/Clodagh Kilcoyne

LONDON, June 10 (Reuters) – Sterling fell on Friday against the U.S. dollar and was set for a second consecutive week of declines as Britain’s gloomy economic outlook left investors on edge.

The pound slipped 0.35% versus the dollar to $1.2454 pence, not far from a three-week low touched earlier this week.

Financial markets are pricing in Bank of England rates hitting 2% by September’s policy meeting and 3% by May 2023, up from 1% now as central banks battle surging inflation.

“Right now we would favour the dollar over sterling and could see sterling/dollar breaking down to 1.2350 next week,” ING analysts said in a note to clients.

“The fact that sterling money markets still price…