Consumer price inflation – which was higher in Britain than in other rich economies until recently – is expected to fall further in the coming months, paving the way for the BoE to start cutting borrowing costs from their 16-year high.
The dollar fell 0.14% against the yen to 150.57, and was not too far from a three-month high hit against the Japanese currency on Tuesday. The dollar has added about 10 yen in price since the start of this year.
Most Asian currencies nursed steep losses on Wednesday, while the dollar hovered near three-month highs after stronger-than-expected U.S. inflation data brewed more fears that the Federal Reserve will keep interest rates higher for longer.
The yellow metal saw extended losses after spot prices slid below the closely-watched $2,000 an ounce support on Tuesday, with analysts warning of more potential declines after the loss of the key support level.
Despite the downgrade, the firm acknowledges GoDaddy’s approximately 50% stock appreciation since the third-quarter report of 2023. This surge is credited to management’s focus on profitability improvements and strategies aimed at enhancing shareholder value. These factors are expected to continue providing support to the stock’s valuation.
