The GBP did not enjoy its most productive week, losing ground against the Euro and US Dollar respectively. GBPUSD declined from a weekly high of 1.2150 to trade at 1.18300, a drop of 300 odd pips.
terling weakness, Brexit-related supply chain issuesed, with food prices rising 11.6% in four weeks. The cost of living crisis has begun affecting the debt of supermarket’s balling on the back ofCPIprice rises has seen the pressure ramp up following this past week’s data releases.
The BoE must hike more than any other G10 country as investors have priced in 154 basis points of further hikes in 2022, more than is asked of the current pacesetter the. It implies three further 50 basis point hikes are required at the three remaining meetings in September, November and December. Given the 50 basis point hike in August, there is now a precedent and ‘The Old Lady of Threadneedle Street’ could deliver.
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