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The Bank of England (BoE) is holding its monetary policy meeting today. Economists at Commerzbank analyze GBP ahead of the Interest Rate Decision.

BoE could hint that interest rates have now peaked

The BoE has often seemed hesitant over the past months and has ultimately only reacted to inflationary pressures. It is therefore quite possible that it will announce a surprise rate pause while keeping the possibility of a rate step later in the year open. However, we assume that the BoE is more likely to take another rate step while at the same time sounding more dovish. It could for example hint that interest rates have now peaked. 

If inflation then turns out to be more stubborn after all, Sterling would come under pressure again.

See – BoE Preview: Forecasts from 10 major banks, the final hike?

 

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