Sterling at one-month low on dollar as traders assess UK, US rate paths
LONDON, Oct 9 (Reuters) -The British pound nudged down to a one-month low on the dollar on Wednesday, as markets gradually reassess the different interest rate paths of the Federal Reserve and Bank of England.
Sterling touched $1.3570, its lowest since Sept. 12 and was last at $1.3094, down a whisker on the day. It was marginally stronger on the euro at 83.77 pence, well within its recent ranges. GBP=D3, EURGBP=D3
But the near-term future for the pound against the dollar and euro is more dependent on what's happening in the United States and the euro zone than on domestic events.
"There are no important UK economic data nor Bank of England officials scheduled to speak today. As a result, GBP/USD can be driven by the USD trend and changes in risk sentiment," said Kristina Clifton, an economist at Commonwealth Bank of Australia.
The dollar was at a one-month high against a basket of its peers. =USD
Sterling has been under pressure on the dollar since Bank of England governor Andrew Bailey said last week the central bank could become 'more aggressive' on rate cuts if inflation pressures continue to weaken.
That contrasts with the Federal Reserve, where markets have been reassessing the substantial further rate cuts they had seen by year end following last week's much stronger than expected jobs data.
Markets are now pricing an albeit small chance the Fed won't cut rates at all at its November meeting, a contrast to before the jobs data when a 25 basis point move was fully priced in and there was a one in three probability of a larger 50-bp move.
Market expectations that the Fed would cut much more than the Bank of England this year had been supporting the pound for much of this year.
But it is now down over 2% so far in October. The end of the month is still a way away, but if the weakness is sustained that would be its biggest monthly drop in over a year.
Graphic: World FX rates in 2023 http://tmsnrt.rs/2egbfVh
Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv
Reporting by Alun John; Editing by Emelia Sithole-Matarise
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
