Pound reaching one-month high

The British pound remained near its one-month high against the US dollar at 1.3510 USD, after reaching 1.3530 USD on Monday, the highest level since July 16. This comes amid anticipation of upcoming British and American economic data that could influence interest rate hikes. Analysts explained that the UK economy has not shown enough slowing to rule out the possibility of the Bank of England raising interest rates again. British bond yields remain near their highest levels in nearly two decades, driven by concerns over fiscal policies and rising oil prices. Uncertainty surrounding the UK budget, scheduled for October 28, continues to keep markets tense into the fall, with forecasts of buying opportunity if the EUR/GBP pair drops to 0.8500. Additionally, the British Prime Minister reaffirmed the government’s support for the business community and a reduction in costs, amid a delicate financial context.

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