Pound edges higher before Bank of England policy update
The pound rose 0.1% against the dollar as investors expect the Bank of England to hold rates steady. Markets are focused on guidance and inflation forecasts.
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GBP/USD rose 0.1% to $1.3488 on April 30 as investors awaited the United Kingdom interest rate decision. Markets expect the Bank of England to hold rates steady despite pricing for two hikes by year-end. The decision will signal whether the central bank aligns with market expectations for tightening or maintains its cautious stance.
The United States dollar edged lower after hitting a multi-week high earlier in the session. Rising costs for West Texas Oil and Brent Crude Oil followed escalation fears in the Middle East, while the Federal Reserve maintained its hawkish outlook.
