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The Pound is back to weakening


25 June 2021

GBPUSD is falling after the BoE meeting. The British Pound is retreating against the USD before the weekend. The current quote for the instrument is 1.3912. The BoE meeting that was over earlier provided the Pound with absolutely no support. The regulator kept its benchmark interest rate unchanged at the all-time low of 0.1%, as well as the QE program parameters. However, no changes were expected because the British central bank always sticks to the conservative stance relative to its monetary policy and never makes any sudden moves. 

In the comments, the BoE said that it still wasn’t sure of the number of people who would look for a job after the quarantine was over. This fact may be a reason for some instability of the British labor market. Another thing, the Inflation boost, is believed to be temporary but the regulator even expects it to go above 3% after all restrictions in the country’s economy are removed. However, the indicator may quickly return to 2% shortly after. 

In May, the CPI in the United Kingdom was 2.1%. According to the regulator’s forecasts, the British GDP may show 1.5% in the second quarter of 2021, which is better than the quarter before. It’s good news. 

#source

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