The pound drifted lower against its major counterparts in the European session on Thursday, after the Bank of England raised its benchmark rate by 75 basis points, but indicated that the peak in rates would likely be lower than anticipated by markets.
The nine-member Monetary Policy Committee decided to raise the bank rate to 3.00 percent from 2.25 percent.
The BoE expects the economy to shrink 0.5 percent in the third quarter of 2022 and by 0.3 percent in the fourth quarter.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.