The British pound weakened against other major currencies in the European session on Thursday, as traders await the Bank of England (BOE) monetary policy decision due later in the day. The BoE is set to announce its monetary policy decision later today. Markets anticipate the BoE to maintain its benchmark rate at 3.75 percent, the lowest since June 2023.
The U.K. Consumer Price Index data that was released on Wednesday showed that the monthly inflation decreased to 0.2% from 0.7% in the previous month and core inflation increased below forecasts, yearly inflation stayed stable at 2.8%, much lower than the 3.3% peak recorded in March. There is less pressure on the Bank of England to raise interest rates in the upcoming months because May's inflation data is lower than the bank's February forecasts.
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Forex News
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.