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Sterling loses steam as traders turn to safe-haven currencies

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LONDON, Aug 2 —The British pound weakened against the dollar and euro today as traders turned to safe-haven currencies amid rising US-China tensions over Taiwan, with traders...

LONDON, Aug 2 —The British pound weakened against the dollar and euro today as traders turned to safe-haven currencies amid rising US-China tensions over Taiwan, with traders looking ahead to a Bank of England policy meeting this week.

The BoE will announce its decision on Thursday, with investors now pricing in an 95 per cent chance of a 50 basis point hike, a bigger increase than the previous four hikes as the central bank rushes to contain soaring inflation without exacerbating an economic slowdown.

 

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