Investors have been building up bets against the pound, as conviction grows that the Bank of England will start cutting interest rates by the summer, ahead of its US counterpart. Currency speculators’ wagers on a fall in sterling have reached a 16-month high, data from the US Commodity Futures Trading Commission shows. Meanwhile, asset managers have turned the most bearish on the UK currency since March last year, according to State Street, one of the world’s largest custodian banks.
“Inflation hasn’t met the Fed’s target and doesn’t look like it will any time soon, so the Fed is on hold,” said Roger Hallam, global head of rates at Vanguard, adding that, in spite of last week’s jobs figures, economic data “has not given the Fed the confidence they need to start easing rates”.
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