LONDON, Sept 10 — Sterling was at a one-week high against the dollar today, shrugging off Britain’s weak economic data on expectations that the Bank of England was set to hike interest rates well ahead of its US counterpart.
The BoE is expected to raise borrowing costs by end-2022 or even earlier if inflation remains high and economic recovery from the pandemic continues, a Reuters poll showed. The probability of a 15 basis point hike to 0.35 per cent in February had risen to 53 per cent, while the Federal Reserve is forecast not to raise rates until at least 2023.
However, the British economy began the third quarter on the back foot, expanding by just 0.1 per cent in July due to self-isolation rules, but early signs in August have pointed to a surge in consumer spending.
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