Sterling remained unchanged yesterday despite the UK’s inflation dropping to 10.7%, coming in lower than markets expected. The pound’s indifference may be short-lived as at lunchtime, the Bank of England will decide on its latest interest rate, followed by the European Central Bank, which will announce shortly after.
According to the National Grid, Britons have saved nearly £3m by using “power-hungry devices” at quieter times. This took place under a scheme that aimed to reduce the strain on electricity networks.
Head of the national control at the ESO, Craig Dyke, said: “Delivering the first of the demand flexibility service test events is a major milestone in the evolution of consumer flexibility in the UK.” He added, “This service successfully proves that consumers up and down the country are standing by to get involved in flexibility solutions.”
The International Energy Agency has said that “western efforts to choke off the Kremlin’s income are working.” This follows Russian oil revenues falling last month despite a boost in production.
In US stock markets, America’s stocks advanced ahead of the Federal Reserve’s interest rate decision on Wednesday while the dollar fell.
As expected, the Fed took on a more dovish approach to inflation this time hiking its interest rate by only 50 basis points to 4.25%-4.5%.
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