Pound Jumps as Traders See No More BOE Rate Cuts Until Next Year.

The pound strengthened as traders reduced expectations for further Bank of England rate cuts in 2024 due to increased UK government spending. The central bank's decision to cut interest rates by a quarter point was seen as the last cut for the year, with potential inflationary impacts from government spending. Market analysts suggest that the pound may see gains against low-yield currencies, but uncertainty remains due to global economic and political factors. The UK economy faces challenges amidst a changing landscape, with expectations for future rate cuts tempered by recent developments. [Extracted from the article]