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British Pound (GBP) Breaking News: BoE Hikes by 50bps, Highest in 27 Years


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British Pound (GBP) Breaking News: BoE Hikes by 50bps, Highest in 27 Years

Aug 4, 2022 | DailyFX
Warren Venketas, Analyst

POUND STERLING TALKING POINTS

  • Recession reservations hurt GBP.
  • 50bps not enough to support cable upside.

The Bank of England (BoE) expectedly hiked interest rates by 50bps primarily stemming from international pressures from the Federal Reserve and more recently some ECB speakers. The ECB’s Kazaks announced that the ECB should continue to hike rates to tackle inflation.

GBP/USD ECONOMIC CALENDAR

economic calendar

Source: DailyFX Economic Calendar

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