It’s been a choppy week so far for the pound versus the euro, but sterling is in a better position than it was this time last week. It is a similar story for GBP/USD, as since Tuesday afternoon, sterling has continued to make and maintain gains against the dollar.
The BoE’s Chief Executive Officer of the Prudential Regulation Authority, Sam Woods will be speaking today following the Bank’s announcement to end its bond buying scheme on October 14th. On September 28th, the Bank announced it will carry out temporary purchases of long-dated UK government bonds to restore market conditions following Kwasi-Kwarteng’s mini-budget.
The BoE also raised its key interest rate by 50bps to 2.25% in its September meeting. This was the 7th consecutive rate hike the UK had seen, pushing borrowing costs to the highest level in 14 years.
