“Pound Surges Against Dollar to Early 2022 Levels as Fed Chair Hints at Imminent Rate Cut”

The pound saw a significant increase in value against the US dollar on Friday, reaching its highest level since March 2022. This surge in value was sparked by Federal Reserve Chair Jay Powell’s announcement that “the time has come” for an interest rate cut. Speaking at the US central bank’s annual economic conference in Jackson Hole, Wyoming, Powell did not specify when or how large the rate cuts…

Source