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Market Update: Sterling Rebounds as Investors Eye BoE Meeting
The British pound rose above $1.39 Monday afternoon, from a near two-month low hit earlier in the session, ahead of the Bank of England’s monetary policy meeting later this week at which officials are set to remain divided over whether to halt the government bond purchase programme. At the same time, investors brought forward bets that the central bank would start raising interest rates sooner than expected, after inflation hit in May its highest in nearly two years. Markets are fully pricing in a 30bps hike in rates by the BoE by December 2022. Elsewhere, investors continued to monitor a resurgence in the number of coronavirus cases in the UK, the ongoing post-Brexit tensions over the Northern Ireland protocol, and the delay in the UK’s lockdown easing plan. [/s2If]
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