Pound recovers on rate hike hopes

The British pound declined against the dollar and euro but recovered to reach $1.3259 and 85.75 pence respectively, as markets await the possibility of the Bank of England raising interest rates to 4% in November, amid rising inflationary pressures linked to higher energy prices. Despite the rebound, the pound is expected to record a loss of over 2% in September, amid increases in oil and gas prices that heighten inflationary pressures, as markets move toward more monetary tightening with the possibility of repeated rate hikes in the coming months.

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