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Sterling fell on June 23 and was set for its largest weekly loss since mid-May after the Bank of England's half-point hike. Money markets priced UK rates peaking near 6% by year-end, and a market gauge of UK economic confidence fell to its weakest since 2000.
Analysts said recession fears were limiting the pound's gains.
Recession expectations weaken sterling and UK demand, while a firmer dollar makes dollar-priced commodities more expensive for UK buyers. The direct link to feed prices is weak.
brecorder.comReutersJun 23, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
