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GBP/USD hits lows of the year on possible“Plan B” restrictions
Cable slipped this morning to year-to-date lows below 1.32, as imminent further restrictions may be announced by the UK government due to the new Coivd-19 variant. A press conference is rumoured to be scheduled for 17.30 GMT today after the cabinet has agreed the measures. The relative uncertainty surrounding Omicron is still a key concern for markets, after the risk rally this week has seen investors’ high cash levels being put to work. The market currently prices in around a 40% chance of a 15bp rate hike at next week’s Bank of England meeting, down from above 60% earlier in the week. More restrictions will ... (full story)