According to NEW YORK (Reuters) – Sterling climbed to a six-week high on Tuesday, boosting risk sentiment after Rishi Sunak was elected prime minister of Britain, while the dollar dropped to a three-week low as poor U.S. economic data lowered expectations on the rate of future rate hikes.
On Tuesday, Rishi Sunak was elected as Britain’s third prime minister in 2 months, tasked with the responsibility of solving a political party breakdown and growing economic crisis.
Sterling climbed to its highest point since September 15 and was last up 1.66% at $1.147, but currency analysts predict that the pound’s rise will be temporary.
The U.S. dollar was generally weaker with indications that the world’s largest economy is slowing down due to Federal Reserve rate hikes. Data revealed that U.S. home prices dropped, as rising mortgage rates restricted demand, sending the dollar into negative territory.
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