Pound Sterling trades sideways ahead of US, UK central banks’ policy decisions.

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• Pound Sterling trades sideways ahead of US, UK central banks’ policy decisions.
• The BoE and the Fed are expected to keep interest rates steady.
• BoE policymakers are expected to offer hawkish guidance amid higher inflation.

The Pound Sterling (GBP) remains lackluster in Monday’s European session as investors appear to have sidelined ahead of the interest rate announcements by the Bank of England (BoE) and the Federal Reserve (Fed). The GBP/USD pair trades in a narrow range near 1.2700 as investors are anticipated to make their bets after this week’s policy announcements.

Trades see the BoE maintaining interest rates unchanged at 5.25% for the fourth time in a row as core inflation in the United Kingdom more than doubles the desired rate of 2%. Market participants will keenly focus on the interest rate outlook provided by the central bank.

The first interest rate decision of 2024 is expected to be challenging for BoE policymakers as inflation has proven to be more stubborn than expected and a technical recession is increasingly likely. Consumer spending has been hit hard due to the deepening cost-of-living crisis. Chances of a recession would escalate if the BoE delivers a hawkish guidance.

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