Sterling is still weaker against the euro and the dollar this morning following the Bank of England’s monetary policy meeting last week.
Only two members of the Monetary Policy Committee voted to hike interest rates, whilst seven voted to keep the rate the same. This caused the pound to fall as many investors expected or hoped for an interest rate rise after recent ‘hawkish’ comments from BoE officials.
It’s a quiet week for data, however, GDP figures will be released for the UK on Thursday. It’s estimated that the economy would have expanded by 1.5% quarter-on-quarter in the third quarter of this year. In quarter two, the economy expanded by 5.5% due to the easing of Covid restrictions.
