British Pound futures bounce as UK consumer confidence hits 2-year high.
British Pound futures rebounded to close out the week following improved UK consumer confidence and hawkish signals from the Bank of England. After finishing higher in just two of the previous 11 sessions, the pound saw a lift as short covering emerged ahead of the weekend. Support also materialized as UK consumer confidence unexpectedly jumped to a two-year high, with GfK's index rising to minus 13 for September. Market expectations shifted as Bank of England Deputy Governor Sarah Breeden and Governor Andrew Bailey highlighted inflation risks, noting that elevated energy costs could make it increasingly difficult to hold rates steady and leaving further rate hikes on the table.
British Pound futures rebounded to close out the week following improved UK consumer confidence and hawkish signals from the Bank of England. After finishing higher in just two of the previous 11 sessions, the pound saw a lift as short covering emerged ahead of the weekend. Support also materialized as UK consumer confidence unexpectedly jumped to a two-year high, with GfK's index rising to minus 13 for September.
Market expectations shifted as Bank of England Deputy Governor Sarah Breeden and Governor Andrew Bailey highlighted inflation risks, noting that elevated energy costs could make it increasingly difficult to hold rates steady and leaving further rate hikes on the table.