The Bank of England will hold its latest monetary policy meeting today. The UK’s interest rate is expected to be hiked for the fourth time since December to tackle high inflation in the UK and the markets are predicting a quarter-point increase, taking the rate to 1.0%.
Any surprises, such as a larger hike or unexpected comments from officials, could impact the pound. The meeting is due to take place around lunchtime today.
Local elections are underway in the UK today. The public will vote for councillors across England, Scotland and Wales. In Northern Ireland, voters will choose members of the Northern Ireland Assembly.
The dollar is weaker this morning following the Federal Reserve’s monetary policy meeting yesterday. The US’ interest rate was raised by 0.5% for the first time since the year 2000.
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