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Pound Edges Toward Weekly Loss
The British pound declined for the first time in over a week on Friday, amid investor expectations of decreased likelihood of the Bank of England raising interest rates this year, amid anticipation of the US Federal Reserve Chair's remarks at the Jackson Hole symposium. The pound fell approximately 0.1% to $1.3582, with a weekly loss projected at 0.4%. This comes as hopes for a rate hike in Britain diminish, coupled with the strength of the dollar, while investors await the results of the budget and the UK government's plans. Meanwhile, attention remains focused on the US Federal Reserve Chairman's statements regarding future monetary policy expectations.
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