The GBP/USD currency pair has recently approached a four-week high, reaching $1.28. This movement in currency value comes as the market’s eyes are fixed on upcoming key economic indicators and central bank decisions.
- British Pound’s New Peak: Climbed to $1.28, nearing a four-week high.
- Upcoming UK Economic Data: Expected release next Friday.
- Bank of England’s Stance: Predicted to maintain the current interest rates.
- US and European Central Bank: Potential interest rate cuts anticipated.
UK Economy and Manufacturing Bounce Back in October
The Bank of England, meeting on December 19, is projected to keep interest rates steady. Additionally, the US is preparing for pivotal inflation data, with the market largely expecting a 0.25% rate reduction by the Federal Reserve next week.
Similarly, attention is turned towards the European Central Bank’s upcoming meeting on Thursday, where a 0.25% decrease in the deposit rate, bringing it down to 3%, is also anticipated.