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On Monday, the dollar saw a slight increase as investors processed numerous monetary policy choices made by central banks during the previous week and anticipated a crucial determination to be made by the Bank of England on Thursday.
The complete account or detailed narrative.
Amid a week filled with activity from central banks, the European Central Bank implemented a 0.25 percentage point increase in interest rates on Thursday, with the possibility of more rate hikes to come. Conversely, the Bank of Japan made the decision on Friday to maintain its ultra-accommodative policy, contributing to the yen’s instability.
The British pound is being exchanged at prices close to its highest levels in 14 months compared to the US dollar due to the anticipation that the United Kingdom will increase its interest rates at a faster rate than other major economies. The pound’s value remained stable at $1.28175.
According to the money markets, there is a 75% probability that the BoE will choose a 25 basis points increase, and there is a 25% chance of a 50 basis points increase.
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