Sterling dips as oil rises but remains set for weekly gain
The pound fell on Friday as oil prices rose but remains set for a weekly gain. Hawkish signals from the Bank of England have led to expectations of rate hikes.
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The British pound experienced a slight decline on Friday as a resurgence in oil prices weighed on the currency, though it remains positioned for a weekly gain driven by a hawkish stance from the Bank of England. Sterling was last down 0.4% against the dollar at $1.3376, retracing a portion of the previous day's significant rally. Despite the daily dip, the currency has climbed 1.2% over the week as investors digest the central bank's latest policy signals.
