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Quotes from Western Union:
- Sterling fell to seven-week lows below $1.69, hurt by the market's momentum swing in favor of the greenback. Mounting evidence of a strengthening U.S. economy has the market betting on a Fed rate hike before the middle of next year, the current consensus view.
- By contrast, recent figures from Britain suggest its economy may be coming off the boil. Data today showed the pace of home price rises abated while consumer optimism dropped for the first time in six months in July.
- Just beware GBP buyers; it may be tough to keep sterling down for a sustainable stretch given that its central bank is still widely perceived at the head of the line to raise interest rates. The outlook for central bank policy means everything to a currency.
