The Bank of England raises interest rates for the first time in 27 years.
One of the most significant events determining the prices of the pound sterling is the Bank of England’s report on interest rates, which is released on August 4.
One of the key predictors of it is inflation. A trader can assess the nation’s internal and external economic progress using these data, which is crucial when dealing in currency pairs that contain the GBP.
Expert suggestion on what traders should focus on:
The Bank of England is forced to aggressively boost interest rates due to the UK’s 40-year high inflation rate. We anticipate that the rate will go up by 0.5 percent today, and the regulator will inform investors about the necessity for additional rate increases in the upcoming meetings.
The report has a notable impact on the US dollar fluctuations and instruments related to it.
Source: https://freshforex.com/
