020 7898 0500After a poor start to the week, sterling saw some positive movement on Wednesday, gaining ground across the board ahead of today’s interest rate decision from the Bank of England (BoE).
With little economic data released from across the board, investors looked to hedge positions before today’s minutes from the latest BoE meeting which will provide insight into future monetary policy in the country. This allowed sterling to move away from recent eight-month lows against the US dollar, and after hitting a fresh one-month low versus the euro earlier in the day, sterling recovered strongly in the afternoon to end the day close to where it first started.
Today’s interest rate decision from the BoE is likely to show no change but, with recent economic data from the country disappointing, any indication that a potential interest rate hike could be delayed could affect sterling throughout the day.
