In the Asian session on Thursday (March 23), the latest price of GBP/USD was 1.2215, and the opening price was 1.2215. Catherine Mann, the top hawk of the Bank of England, warned that the UK is facing a double storm of high inflation and low growth.
Pooja Kumra, senior European interest rate strategist, said: “The Bank of England is dealing with inflation that shows no sign of abating, a very tight labor market and a crumbling global financial system. It’s a very tricky situation.” Money market pricing hints at the BoE’s current cycle It will raise interest rates by about 60 basis points, up from about 40 basis points at Tuesday’s close.
Policymakers are still raising borrowing costs at the fastest pace in 30 years, raising the benchmark interest rate further to 4% at a meeting last month from 0.1% at the end of 2021.
GBP/USD was up 0.46% on Wednesday and was last trading at $1.2261.
