Currency strategists at MUFG have significantly lowered their forecasts for the Pound Sterling (GBP) against the US Dollar (USD). In a brief to clients, the analysts have revised their end-2023 forecast to 1.25 from 1.30. The Pound to Dollar (GBP/USD) exchange rate has come under pressure with 12-week lows below 1.2450 before a tentative recovery to 1.2475. Following comments from Bank of England Governor Bailey, markets lowered expectations of UK interest rates. The dollar maintained a firm overall tone amid stronger-than-expected US data with stronger-than-expected services-sector activity. ING commented; “The ... (full story)