Bank of England supports the pound
As expected, the Bank of England raised its interest rate by 0.25%, going from 5.00% to 5.25%. This is the 14th rate hike in a row, putting it at the highest level in 15 years. Despite the fact that inflation in the UK dropped to 7.9% in June, the UK has the highest inflation rate amongst G7 countries. Analysts at Deutsche Bank believe that the Bank of England will make two more 0.25% rate increases to take the interest rate to 5.75%. Monetary policy tightening supports the British pound.
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