GBP/USD drifts higher on Monday amidst a thin early-week economic calendar. UK GDP data due at the end of the week, strictly mid-tier releases on offer until then. Fed news cycle to dominate market attention as policymakers caution restraint. Key economic data remains limited through most of the week, with Cable traders set to look ahead to high-impact calendar releases that won’t land until later.
How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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