"Forex markets have taken a cautious approach ahead of central bank meetings in both the US and the UK. Analysts expect the Federal Reserve to keep the benchmark federal funds rate between 3.50% and 3.75% during its meeting on Wednesday."
"Due to persistently high inflation, projections for the next US rate cut have been pushed back to September. Similarly, the Bank of England is anticipated to maintain borrowing costs at 3.75% when it announces its decision on Thursday."
The British pound showed minimal movement on Tuesday, with GBP/USD rising 0.1% to $1.3331 and GBP/EUR holding steady at €1.1577. The US dollar index remained relatively flat at 99.75. Forex markets adopted a cautious stance ahead of central bank announcements from both the Federal Reserve and Bank of England. The Federal Reserve is expected to maintain its benchmark federal funds rate between 3.50% and 3.75%, while projections for the next US rate cut have been delayed to September due to persistent inflation. The Bank of England is anticipated to keep borrowing costs at 3.75%. In equity markets, the FTSE 100 increased by 0.2% to 10,341 points.
Read at London Business News | Londonlovesbusiness.com
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