Pound Sinks as Fed Hike Expectations and Energy Prices Boost USD
The Pound to US Dollar exchange rate fell on Tuesday by about 0.2% to $1.3227, following a downbeat market mood.
The US Dollar firmed up as investors remained optimistic about upcoming interest rate hikes from the Federal Reserve, with expectations of a 25bps rate hike in October now at 72%, according to market pricing.
Brent crude prices remained above $100 a barrel amid ongoing concerns over energy supplies and tensions between the US and Iran.