The pound is facing its longest losing streak in almost a year, with sterling dropping against the US dollar and the euro for the fourth consecutive week. This downward trend has been attributed to the Bank of England’s recent interest rate cut and expectations of further cuts, as well as safe-haven asset demand amid market uncertainties. Market analysts suggest that the pound is under pressure due to monetary policy changes and the attractive buying of euros against the pound. In other news, the FTSE 100 has opened higher, miners are among the risers in the London Stock Exchange, and Germany’s inflation rate has risen in July. Additionally, Hargreaves Lansdown, a leading investment company, has agreed to be taken over by a consortium of private equity firms. The Tokyo Stock Exchange closed up after a week of volatility, and Wall Street experienced its best day of trading in nearly two years. UBS predicts the end of the pound’s rally following the incoming Labour government, as the pound hits its lowest point since July 2nd. This ongoing situation is likely to continue as traders monitor key economic events scheduled for the day.
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Pound poised for its longest losing streak in nearly a year due to market turbulence – live updates | Business
