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.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.