GBP/USD traded cautiously lower in the lead up to the Bank of England rate setting meeting. A stronger dollar and an outside chance of a dovish statement weigh on the pair
The Bank of England rounds up its two day policy meeting tomorrow when it is due to release the official statement. Previously, Governor Andrew Bailey hinted that the UK can deviate from the Fed with respect to the path of monetary policy – something that many developed central bankers need to get comfortable with.in the US is not being enjoyed in other parts of the world, meaning the Fed do not appear to be in a position to start cutting rates just yet.
The April inflation print has the potential to throw a curve ball, as this is the month when firms implement contractual or index-linked price rises. Therefore, the committee may choose to read from the same script in the event the April price data provides a bump in the road along the disinflation journey.
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