💨 Abstract
The pound reached its highest value against the US dollar in over three years, trading at £1.3468, offering holidaymakers more purchasing power. This strength is tied to expectations of a single interest rate cut by the Bank of England this year, unlike the previously predicted three cuts. Higher UK inflation, driven by increasing costs of essentials, may influence the Bank of England's rate decisions. Meanwhile, the US Federal Reserve is anticipated to cut rates twice this year.
Courtesy: James Flanders
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