Will the Bank of England stop hiking interest rates after next week’s expected hike,...
The Bank of England is expected to hike interest rates once again on the 21st of September, bringing the base rate of interest up to 5.5%. This would be a 15th consecutive interest rate hike from the central bank, with the rate currently sitting at a 15-year high.
Throughout the year the increasing rate hikes have helped push the Pound higher against most currency pairs, and the Pound was the strongest performing currency of the G10 in the first half of the year.
Expectations of further...
Will GBP exchange rates drop throughout the remainder of the year?
Sterling exchange rates have been in the headlines often throughout 2023 so far, as the currency was the strongest performing currency of the G10 in the first half of the year.
As the result of the gains made by the Pound, GBP/EUR is currently trading within 1-cent of its 52-week high making the conversion of Pounds into Euros an attractive proposition.
Although GBP/USD had a very strong first half of the year, the Pound has begun to gradually drift from its highs over the past few...
GBP exchange rates remain resilient despite lower expectations for further rate hikes
Much of the Pounds price fluctuations this year have been driven by increases in interest rate hikes along with expectations of additional interest rate hikes in future.
The Bank of England (BoE) has hiked interest rates 14-consecutive times since December 2021, and this has taken the base rate to its highest level in 15-years. The base rate of interest currently sits at 5.25%.
Those of our readers planning on making an exchange of Pounds into another currency have benefited from the bullish approach from the BoE,...
Have GBP exchange rates peaked?
The Pound has been in the financial headlines mostly for positive reasons through 2023, and up until now it remains the best performing currency within the G10.
Increasing interest rates to try and counter stubbornly high inflation levels have pushed the Pound higher, with GBP/EUR currently trading just over 1.1700 which is just over a cent from its annual highs.
GBP/USD is currently trading just below 1.2800, although last month it managed to break above 1.3100. At its current level it’s over 8% up against the...
Sterling exchange rates climb in the lead up to tomorrows key Inflation data release
The Pound rose earlier this morning after the latest wage growth data was released by the Office of National Statistics (ONS).
The data reported that basic wages within the UK grew at a record pace in Q2 this year, as wages excluding bonuses were 7.8% higher than a year earlier during the same time period.
This is also the largest increase since records begun back in 2001, and it adds to the pressure on the Bank of England to try and bring down increasing inflation levels.
Tomorrow...
Bank of England raise Interest rate hikes for the 14th time since December 2021
Last week we saw the Bank of England raise interest rates in the United Kingdom for the fourteenth time in a row. This is another attempt in the long-continued commitment the central bank has taken in the effort to reduce inflation. Inflation levels in the UK are well above target currently sat at 7.9%, 2.4% higher than the European Union and 4.93% higher than the United States. The Bank of England are hoping to end this year with inflation levels at 5%. The current...
Will inflation cause the Pound to rise?
Bank of England raise interest rates for the 14th time in a row
The Bank of England raised interest rates once again yesterday for the fourteenth time in a row. The central bank has committed to reducing inflation rates which remains well above target.
The current base rate is at 5.25% and we should expect more interest rate hikes to come before we see the Bank of England easing monetary policy.
Interest rates have now gone up on every occasion since December 2021.
This has brought the base rate...
Could the Bank of England surprise the markets again this week?
The Pound has managed to hold onto much of its recent gains against the Euro recently, as it continues to trade towards the top end of its annual range.
Last month increasing expectations of further interest rate hikes pushed the Pound to a high of 1.1750, and at the time of writing the GBP/EUR pair are trading within 0.75 cents of this 11-month high.
This week, the Bank of England (BoE) is expected to raise interest rates to the highest level in 15-years.
The general expectation is...
Could UK inflation data be the most important data release this week?
Tomorrow morning UK inflation rates will be released in the early hours in what appears to be the most important economic release this week, at least for the UK markets and the Pound.
The inflation figures are measured in the form of CPI (Consumer Price Index) and as this release can impact monetary policy adopted by the Bank of England, the release carries the potential to influence the currency markets.
The expectation is for an annualised CPI figure of 8.2% to be released for June. This...
Record UK wage growth pushes the Pound higher, could the Pound continue to climb?
The Pound is in the financial headlines today after reaching a 15-month high against the US Dollar this morning, after some stronger than expected wage growth data has given the Pound a boost.
The Pound to US Dollar exchange rate, known as cable within the currency markets has hit a high of 1.2913 this morning, which is the highest level since April the 25th last year. The Pound has also broken back above 1.1700 against the Euro which is within 0.5 cents from the 11-month...
