LONDON, June 9 ― The British pound softened versus the US dollar and the euro today as a gloomy economic outlook and political worries weighed on the currency while the market turned its focus to an imminent announcement from the European Central Bank.
“We have the Bank of England that is naturally going to have to slow its hiking profile given economic conditions and the ECB that is about to start tightening monetary policy with the risk it is going to have to be quicker in the short term than the market is currently pricing in,” he said. Political uncertainty also still hangs over the British unit after Prime Minister Boris Johnson won a confidence vote earlier this week ― but not as comfortably as he might have hoped. The vote in effect reflected a significant revolt against his leadership within his own Conservative party.
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