The pound slumped against its major counterparts in the European session on Thursday, after the Bank of England raised its key rate for the fourth consecutive meeting, but warned of a contraction in the economy next year amid cost pressures.Policymakers led by Governor Andrew Bailey decided to raise the key interest rate, the bank rate, to 1.00 percent from 0.75 percent.Most members judged that so...
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.