The Bank of England maintained interest rates, with a 7-2 vote suggesting possible rate cuts as early as this summer.GBP/USD breached the 1.27 supply zone, aiming for the next target near 1.28, but could drop below 1.25 if UK inflation data disappoints.made minimal changes to its monetary policy, notably maintaining the interest rates at their previous level. Of particular interest was the 7-2 vote in favor of maintaining the status quo, deviating from the anticipated 9-0 outcome.
Tomorrow's CPI dynamics publication could present a compelling case, particularly if it aligns with the market consensus, showing the largest year-on-year decline since last October., where there is still a long way to go to the inflation target, but forecasts assume a continuation of the positive trend.
What does this mean for the dollar? It appears that the market has largely factored in the momentum generated by the inflation figures through recent declines. With no significant data releases expected in the coming days, the dollar's valuation may remain steady. This, in turn, creates space for the British pound to take the lead in the short term on the GBPUSD pair.
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