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Sterling steadiness ahead of Hormuz talks
The British Pound stabilized against the US dollar and euro, as investors awaited potential developments regarding an agreement between Iran and Oman to reopen the Strait of Hormuz. Such an agreement could ease obstacles to resolving the US-Iran conflict. Market indicators suggest that this de-escalation reflects a desire to avoid disrupting maritime navigation. The Pound reached $1.3460 and 85.73 pence against the euro. Expectations remain for a roughly 23 basis point rate hike by the Bank of England before February 2027, although the market’s overly optimistic forecasts, which weaken the British currency, are currently being challenged. Additionally, the UK construction sector’s contraction slowed in July, with the Purchasing Managers' Index rising to 44.7 points, though it remains in contraction territory amid high confidence in the construction industry.
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