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The pound dipped to its lowest in six months against the dollar and its weakest in four months against the euro on Monday, as jitters across asset classes hurt the currency already bruised by markets' reevaluation of the Bank of England's rate outlook. Market pricing prior to that meeting had reflected expectations that a further 25 basis point rate hike was all but certain for 2023, if not at that specific meeting, but, on Monday, expectations for a further rate hike this year were roughly 40%. That underscored a reversal of the trend earlier this year when the pound had been boosted by expectations that the Bank of England would keep raising rates longer than the European Central Bank and the Federal Reserve.