Sterling dips back under US $1.40 for the first time in a month
Sterling has dipped back under $1.40 for the first time in a month, likely swayed by a hawkish US Federal Reserve last night.
The Federal Reserve suggested it may taper its stimulus earlier than expected last night, which knocked the commodity price index off a 16-month high.
The Fed also signalled it will raise rates twice in 2023, up from waiting with such a hike until 2024.
Wall Street’s technology stocks were set to lead lower today, piling pressure on a sector that has been seen as vulnerable to higher interest rates.
Shares of tech-giants Amazon, Apple, Microsoft, Facebook and Google-parent company Alphabet shrank between 0.4 per cent and 0.6 per cent in early trading.
On the banking front, rate-sensitive lenders like Citigroup, JPMorgan Chase, Bank of America and Wells Fargo were buoyed slightly by the news, lifting between 0.4 per cent and 0.7 per cent.