The pound is weaker against the US dollar this morning, after a 0.7% bounce yesterday afternoon turned out to be short-lived. This is mainly because the dollar jumped after Fed chief Jerome Powell ruled out a long series of rate cuts following yesterday’s quarter-point reduction, designed to shore up the US economy amid weaker global growth. Traders still expect one more interest rate cut this year but do not expect them to continue into next year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: