The Bank of England (BoE) is widely anticipated to hold its benchmark rate at 4.75% on Thursday, marking a 50 basis point trim throughout 2024. While financial markets anticipate further cuts in 2025, the BoE's cautious approach persists in light of recent wage growth figures. UK inflation accelerated further in November, reaching 2.6% on a yearly basis, in line with market expectations.
The Bank of England is set to keep the interest rate on hold, hinting at 2025 action. UK inflation accelerated further in November, albeit within expectations. GBP/USD trades within a well-limited 200 pips range ahead of the announcement. The Bank of England will announce its decision on monetary policy on Thursday after completing the last meeting of 2024. The BoE is widely anticipated to keep the benchmark rate on hold at 4.75%, resulting in a measly 50 basis points trim throughout 2024.
Still, if the announcement aligns with recent Bailey’s comments on four rate cuts coming in 2025, the decline could be shallow, given that it would lack the surprise factor that usually results in wider price reactions. On the contrary, a hawkish surprise or hints of fewer rate cuts next year could result in GBP/USD turning bullish.
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