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Up until yesterday, the expectation was an almost certain 25bp hike from the BoE at today’s meeting, but yesterday’s shocker inflation data has shaken these expectations. In fact, no one, and even less the BoE Chief Bailey himself, was expecting to see softer inflation in Britain last month, when oil prices spiked and sterling fell. Therefore, the surprising nature of yesterday’s data release should prevent the BoE from announcing a surprise rate pause today. Because:
The Bank of England (BoE) is holding its monetary policy meeting today. Economists at Commerzbank analyze GBP ahead of the Interest Rate Decision. BoE
After rising above 1.2400 during the European trading hours on Wednesday, GBP/USD made a sharp U-turn and closed the day in negative territory. The pa
The currency markets faced significant shifts today, notably with Sterling and Swiss Franc, which are enduring considerable selloffs. Both BoE and SNB opted to maintain their current interest rates, prompting speculation that these institutions might have peaked in their tightening cycles. However, Australian Dollar bore the brunt of today's market sentiment, emerging as the day's biggest loser, possibly due to escalating risk aversion. This sentiment has been echoed in major global indexes, most likely influenced by Fed hawkish hold yesterday coupled which also triggered soaring treasury yields.