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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