# Sterling clobbered as jumbo rate hike raises risk of recession - Markets - Business Recorder

> 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.

- Date: 2023-06-23 · published 2023-06-23T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/35755-sterling-clobbered-as-jumbo-rate-hike-raises-risk-of-recession-markets-business
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

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.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40249461

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.