Pound hits 10-month high against dollar after Fed caution – business live

Dollar slides after US Federal Reserve adopts more cautious tone on inflation outlook

Investors are breathing a sigh of relief after US durable goods data showed a better than expected 6.5% gain in orders in June, says Dennis de Jong, managing director at online broker UFX.com.

A downbeat assessment on current inflation levels at yesterday’s Fed Reserve meeting had cast further uncertainty over the next interest rate, although today’s numbers suggest the US economy remains in good health.”

The greenback could claw back some of yesterday’s losses against major European counterparts.

Phillip Hammond has found a new Bank of England deputy governor to replace the disgraced Charlotte Hogg from within his own Treasury ranks.

The chancellor has appointed the Treasury’s chief economic adviser, Sir David Ramsden to replace Hogg, who resigned earlier this year after failing to disclose that her brother was a senior executive at Barclays – a bank she would have regulated.

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