The CHF is the strongest and the GBP isthe weakest as the North American session begins
As the North American session begins, the CHF is a stronger and the GBP is the weakest. The Bank of England (BOE) became the latest central bank to cut rates after reducing its bank rate by 25 basis points to 5.00% in a decision marked by close voting, with the vote split at 4-0-5. The four dissenting members, including Pill, Mann, Haskel, and Greene, preferred to maintain the current rate until there was stronger evidence that inflation pressures would not materialize. The decision was finely balanced, highlighting the BOE''s cautious approach in managing the rate cut. The BOE emphasized that while domestic inflationary persistence is expected to diminish over the next few years, there is a risk that second-round effects might sustain inflationary pressures in the medium term. The BOE aims to avoid cutting rates too quickly or by too much, ensuring the bank rate remains restrictive for a sufficiently long period to achieve a 2% inflation target sustainably. The degree of policy restrictiveness will be assessed at each meeting, reflecting uncertainty about the interaction between rate cuts and quantitative tightening.
https://www.forexlive.com/news/the-chf-is-the-strongest-and-the-gbp-isthe-weakest-as-the-north-american-session-begins-20240801/
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