The pound weakened towards 1.3150 against the US dollar in early trading on Monday, ending the previous three-day rally. The dollar's strength was driven by optimism that the longest US government shutdown in history would soon end, after a number of moderate Democratic senators supported a temporary funding deal. This news triggered a return of funds to dollar assets.
Meanwhile, the market is awaiting Bank of England Governor Clare Lombardelli's speech tonight for clues on the direction of interest rate policy. The BoE held interest rates at 4% last week but hinted at the possibility of a cut towards the end of the year. Meanwhile, market expectations for a Fed rate cut in December have risen to around 66%, indicating confidence that the US central bank will ease further if the economy slows. (az)
Source: Newsmaker.id
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