Pound Slips As BoE Hike Expectations Cool Ahead Of Jackson Hole

The British pound is experiencing its first weekly decline in over a month as traders reassess expectations for Bank of England interest rate hikes.

Ahead of the Federal Reserve's Jackson Hole gathering, sterling slipped to around $1.3582 and was on pace for a modest weekly drop as the US dollar firmed up.

Derivatives pricing tracked by LSEG showed traders now expecting about a quarter-point of BoE hikes by December, down from roughly 30 basis points just over a week ago.