GBP has suspended its decline. Overview for 25.03.2024

The UK pound sterling suspended its falling against the US dollar. The current GBPUSD exchange rate stands at 1.2607.

Last week, GBP suffered a lot. It dropped 1% against USD on Thursday and 0.5% more on Friday after the Bank of England left the interest rate without a change. Everything turned out just as expected but the tone of the BoE’s comments remained rather soft. Two policymakers from the monetary committee denounced their previous calls for raising the lending cost.

However, the experience of the Swiss National Bank that suddenly raised the interest rate last week opens similar doors for other regulators.

The UK pound is not expecting much important statistics. Still there are things to take a look at: on Thursday, the UK GBP reports for Q4 2023 will be presented. According to preliminary estimations, the economy might have dropped by 0.2% y/y after rising by 0.3% previously.