Higher UK’s CPI advocates for a fourth interest rate hike in a row.has attracted some significant bids near 1.3080 as the risk appetite of investors improves and risk-perceived assets are gaining more demand. Earlier, the cable was underperforming despite tightening monetary policy from the Bank of England .
The BOE has increased its interest rates to 0.75% to combat the soaring inflation. The central bank raised its benchmark rates three times in a row, each time by 25 basis points . Adding to that, the UK’s Office for National Statistics printed the yearly Consumer Price Index at 6.2%, which was significantly higher than the market estimates and previous figures of 5.9% and 5.5% respectively.
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