LONDON, Sept 22 — Sterling fell to a one-month low today as investors pushed back expectations of a rate hike by the Bank of England after a flurry of weak data.
Even a subdued greenback and improving risk sentiment after debt-laden China Evergrande calmed nerves by saying it would repay a yuan-denominated bond on Thursday failed to lift the pound. While money markets expect at least two rate hikes by the end of 2022, some analysts say those expectations may be optimistic.
For sterling to rally again, BoE needed to lay out its timeline for raising rates starting early next year, which seems quite premature, he added.
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