The release of softer UK CPI data has pushed the pound lower and increased Bank of England (BoE) rate-cut expectations.
Britain is expected to hold a general election in the second half of 2024 and Prime Minister Rishi Sunak and his party are facing challenging times ahead.
Pound Sterling has come under pressure ahead of today’s Bank of England (BoE) interest rate decision.
The GBP/USD pair has dropped sharply during the early European session on Wednesday following weaker-than-expected data.
GBP/USD continues its winning streak that started last Thursday, and which has continued Tuesday this week.
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.
After Monday’s uncertainty, markets remain volatile early Tuesday with investors being cautious ahead of this week’s key central bank meetings.
The pound fell as the Bank of England (BoE) Governor Andrew Bailey stressed that the interest rate hiking cycle was now close to an end.
The pound is vulnerable amidst elevated recession fears ahead of the Bank of England’s (BoE) next policy move on Thursday.