Sterling continued its losing streak this month, as it declined against the dollar for its fourth straight month.
With consumer confidence weakening, experts are now readjusting the expected date when the Bank of England will raise interest rates.
“We are pushing back when the Bank of England is likely to hike rates,” Simon Derrick, chief currency strategist at Bank of New York Mellon Corp., told Bloomberg.
“You can start pushing back toward the later stages of next year before you’re reasonably talking about any sort of hike given that disinflationary pressures are building. There is further downside to sterling from here.”
Source: The Movechannel