Pound Sterling has come under pressure ahead of today’s Bank of England (BoE) interest rate decision.
Tag: Bank of England
The GBP/USD pair has dropped sharply during the early European session on Wednesday following weaker-than-expected data.
The pound (GBP) continued to rise on Tuesday as market sentiment has improved and the UK reported relatively better-than-expected data.
GBP recovered and attracted investor interest after the release of the United Kingdom’s ONS reported on inflation.
The improved market sentiment and hawkish comments from Bank of England (BoE) policymaker Katherine Mann have supported the pound.
The pound is vulnerable amidst elevated recession fears ahead of the Bank of England’s (BoE) next policy move on Thursday.
In the City, investors and economists are now wondering whether the Bank of England (BoE) will become less aggressive.
Pound Sterling has been grappling with significant challenges ahead of the upcoming UK inflation data.
The positive market mood and increasing wage pressures have boosted the pound on Tuesday. This has increased expectations for further large rate hikes by the Bank of England (BoE).
BoE Governor Andrew Bailey, Fed Chair Jerome Powell and ECB President Christine Lagarde all said that there is a possibility of further rate hikes ahead.