The British pound strengthened against other major currencies in the European session on Monday, as traders anticipate that the Bank of England (BoE) would slow down its policy-easing process in the upcoming month, particularly in light of data that was made public last week that indicated the UK inflation accelerated and once again exceeded the 2 percent target.
Last week, U.K. consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December. The consumer price index rose 2.3 percent on a yearly basis, following September's 1.7 percent increase, which was the lowest since April 2021.
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Forex News
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.