Pound Dips as UK Business Costs Hit Record Highs
Sterling eased to 1.349 dollars today as business surveys revealed the sharpest rise in input costs since 1975. Markets now see a 75 percent chance of a rate hike.
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The British currency faced significant downward pressure on Thursday as a combination of safe-haven demand for the United States dollar and mounting domestic inflationary concerns weighed on investor sentiment. The GBP/USD pair eased to approximately $1.349, marking a return to levels last seen in late February and putting the currency on track for a 0.17% weekly decline. While the pound struggled against the greenback, it managed to gain ground against the euro, with the EUR/GBP cross dipping 0.14% to 86.59 pence.
