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On Monday, the dollar slightly increased as investors processed numerous monetary policy choices made by central banks last week and anticipated the crucial decision from the Bank of England on Thursday.
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During a week where central banks were busy, the European Central Bank raised their rates by 25 basis points on Thursday and indicated the possibility of more hikes. The Bank of Japan opted to maintain their ultra-easy policy on Friday, causing the yen to remain weak.
The pound is currently being traded at a level close to its highest point in 14 months against the dollar. This is due to expectations that the UK will raise interest rates more rapidly than other major economies. The pound’s value remained relatively steady at $1.28175.
According to the money markets, there is a 75% probability that the BoE will choose to increase interest rates by 25 basis points, and a 25% chance of a higher increase of 50 basis points.
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