- The Pound Sterling exhibits a weak performance against its major peers, except Asia-Pacific currencies, as dismal market sentiment has dampened the appeal of risk-sensitive assets. Growing Middle East tensions and fears of an economic slowdown in the United States (US) have improved the appeal of safe-haven assets, such as the Japanese Yen (JPY) and the Swiss Franc (CHF).
- Tensions between Israel and Iran have turned into an all-out war after Iran-backed Hezbollah confirmed that the group launched dozens of missiles at Israel on Saturday. Iran vowed to retaliate against the assassination of Hamas leader Ismail Haniyeh by an Israeli airstrike in Tehran. The nation said last week that Israel has to pay the price for Haniyeh’s killing.
- On the domestic front, the British currency will be influenced by market speculation about whether the Bank of England (BoE) will deliver subsequent rate cuts in September. Last week, the BoE reduced interest rates by 25 basis points (bps) to 5%, with a 5-4 vote split, as expected. On the interest rates outlook, the BoE refrained from committing to a pre-defined rate-cut path.
- In the press conference, BoE Governor Andrew Bailey said, "We need to make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much." About the United Kingdom (UK) service inflation outlook, Bailey commented, "Services price inflation may rise slightly in August before easing in the rest of the year."
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