Pound Sterling edges down, remains broadly firm amid hawkish BoE prospects
The Pound Sterling (GBP) ticks lower against its major currency peers, trading marginally down to near 1.3590 against the US Dollar (USD) during the European trading session on Friday. However, the British currency is broadly upbeat amid the speculation that the Bank of England (BoE) will deliver an interest rate hike in upcoming policy meetings.
Hawkish BoE prospects are backed by remarks from BoE Governor Andrew Bailey, in a press conference after the policy meeting on Thursday, pointing to hiking interest rates before elevated energy prices-driven inflation starts showing second-round effects. Read more…
GBP/USD Price Forecast: Looks prepared for fresh rally towards 1.3720
The GBP/USD pair trades firmly near an over two-month high of around 1.3610 during the European trading session on Friday. The Cable outperforms as the Pound Sterling (GBP) reflects strength, following the Bank of England’s (BoE) monetary policy announcement on Thursday.
In the policy meeting, the BoE decided to leave interest rates unchanged at 3.75%, with an 8-1 majority, as expected, and stressed the need to raise interest rates if there might be second-round effects of higher energy prices-led inflation. Read more…
