Sterling slips 2% against the Greenbeck
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by Abi Moses on 15th December, 2016
Today has been a busy day for the financial industry, with news of more rate hikes from a newly hawkish US Federal Reserve affecting the value of Sterling. Falling close to two cents against the greenback to a low of $1.2509, traders displayed an immediate reaction the Fed’s interest rate rise to 0.75%, being just the second rise in a decade.
While the pound continues to remain in turbulent territory, the dollar sits as a 14-year high. However, can we expect more interest rate announcements in the near future? The Guardian suggests so! Predicting three more tweaks to interest rates next year, the American rate-setters wildly juxtaposed the Bank of England, which held interest rates unchanged today at just 0.25%.
CMC Markets analyst Michael Hewson said:
“What has become clearer is that the policy divergence that has been in place between the Fed and other central banks has just got bigger, and this is likely to put further upward pressure on the US dollar.”
Meanwhile, chairman Janet Yellen feels the Fed was moving under a “cloud of uncertainty” following Donald Trump’s election, feeling the forecasts from the world’s most powerful central bank accelerated a rout in bond markets begun by the President-elect’s spending pledges.
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