SINGAPORE - The British pound held broadly steady on Thursday ahead of a rate decision from the Bank of England later in the day, while the dollar was on the back foot as it awaited fresh market catalysts.
The dollar slipped 0.05% against the yen to 157.99, though the Japanese currency remained not too far from an over one-month low of 158.255 per dollar hit last week. While data on Wednesday showed British inflation returned to its 2% target for the first time in nearly three years in May, details of the report pointed to persistent underlying price pressures - ruling out chances of an early rate cut.
The Swiss National Bank is, however, expected to trim its key policy rate by 25 basis points for a second straight meeting, with recent strength in the Swiss franc and benign domestic inflation adding to the case for looser monetary conditions.
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