Pound Sterling adds more gains as BoE prepares for 14th consecutive rate hike – by Sagar_Dua24 GBPUSD BOE Fed Inflation SEO
No doubt, higher interest rates by the United Kingdom’s central bank have already dampened economic growth. The BoE cannot avoid raising rates further as inflation is almost four times the required rate of 2%. An interest rate hike at the August policy meeting would be the 14th straight raise to build pressure on stubborn inflation. The UK central bank is expected to raise interest rates by 25 basis points to 5.25%.Pound Sterling finds resistance near the round-level resistance of 1.
Britain’s economic recovery is under stress as a one-time decline in inflation is insufficient to increase confidence among individuals. BoE policymakers need to do a lot more so that UK PM Rishi Sunak can meet his promise of halving inflation to 5% by year-end. The context of easing inflation in the United States while keeping the Unemployment Rate at record lows has put the Fed in a more comfortable situation.
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