last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback.
This resilience is bolstering expectations the Bank of England will maintain aggressive interest rate hikes despite concerns about the health of the global banking sector. Rising rates can boost the domestic currency because they help attract foreign investors searching for higher returns., underscoring the need for the Bank of England to maintain its tough approach.The pound plunged close to $1.
But the sharp pullback in energy prices and China’s reopening have provided some relief about the economic outlook since the start of the year.
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