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Sterling was mixed against major currencies on Tuesday, as investors struggled to find direction as they awaited a speech from Bank of England (BOE) Governor Andrew Bailey, due at 13:25 GMT (Beijing) Time 21:25) Speech at the Bloomberg Global Regulatory Forum in New York. In his speech, Bailey is expected to provide new guidance on the outlook for interest rates, a key driver of sterling’s valuation.
Earlier this month, Bailey emphasized in an interview with the British “Guardian” that if price pressure continues to ease, it will be necessary to actively reduce prices. He said that if there is further good news on inflation, the Bank of England may become “more active” and “more aggressive” in cutting interest rates.
Meanwhile, Bank of England rate setter Megan Greene’s column in the Financial Times on Monday noted that the policymaker favors a gradual approach to interest rate cuts and has no bearing on whether forward consumption levels are strong or strong. There are doubts about weakness.
According to market speculation, traders are confident that the Bank of England will cut interest rates by 25 basis points (bps) to 4.75% in November. For December, traders are also betting heavily on another 25 basis points rate cut, according to a Reuters report.
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