After recovering slightly against the euro and the dollar yesterday, the pound is weaker against both this morning. This is mainly due to a strong euro and dollar, however, uncertainty surrounding the Bank of England’s actions at its meeting tomorrow could also be weighing on sterling.
Mortgage data for the UK is expected later today, followed by PMI figures tomorrow morning. These will be released ahead of the Bank of England’s monetary policy meeting, which is due to take place around midday tomorrow.
It is thought that the BoE will raise the interest rate to 1%, taking it to its highest level since 2009. This is to temper high inflation. It is thought that officials will suggest that more hikes could occur over the coming months.
