$GBPUSD Forex Signal: Bulls in Control Ahead of UK Inflation Data
The Bank of England concluded its two-day meeting last week and sounded increasingly hawkish in a bid to contain the rising inflation. The bank decided to hike interest rates by another 0.25%, pushing its main rate to 0.75%.
Therefore, the bank is in a tough situation because more rate hikes could interfere with the country’s economic growth by slowing lending dramatically. Producer prices are also expected to remain at elevated levels because of the rising commodity prices and part shortages. For example, the PPI input is expected to rise from 13.6% to 13.9% while PPI output rose from 9.9% to 10.1%.
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