The pound fell marginally against its peers during yesterday’s session. Sterling remains close to a 2021 low against the dollar, supported by expectations of a rate hike in the United States. Bank of England Monetary (BoE) Policy Committee (MPC) member Silvana Tenreyro noted that she would not want to say specifically if they would make its first rate hike in either December or February. Tenreyro said she was thinking “more in the medium term” on the question of when the central bank should start to raise interest rates from their pandemic emergency low. Tenreyro was one of seven members of the nine-strong Monetary Policy Committee who voted to keep borrowing costs on hold earlier this month.
Analysts and investors are looking for signs on whether the Bank of England will hike rates in its December 16th meeting after they didn’t hike rates at the last meeting. Markets broadly expect the central bank to raise interest rates next month however only time will tell the full situation.
Have a great weekend.
Author: William Jones, Senior Relationship Manager.
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