The Pound US Dollar (GBP/USD) exchange rate holds above US$1.3250 and is on track to gain over 1.2% across the week. The pair hit US$1.3283 on Thursday, a 17 month high.
US Federal Reserve Chair Jerome Powell yesterday, as expected announced a shift in policy concerning the way that the central bank deals with inflation. Rates are expected to remain lower for longer which is dragging on the US Dollar
Investors will now look ahead to the Bank of England Andrew Bailey’s key speech at Jackson Hole. Investors will be particularly keen to see if Mr Bailey can provide any additional clarity surrounding negative interest rates.
US consumer confidence data will also be in focus.
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