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The British pound remained stable against major currencies on Tuesday as traders anticipated the Bank of England’s interest rate announcement later this week.
GBP/USD rose by 0.1% to $1.3331, while GBP/EUR remained steady at €1.1577.
The US dollar index (DX-Y.NYB), which measures the dollar against six major currencies, showed little movement, holding at 99.75.
Forex markets have taken a cautious approach ahead of central bank meetings in both the US and the UK. Analysts expect the Federal Reserve to keep the benchmark federal funds rate between 3.50% and 3.75% during its meeting on Wednesday.
Due to persistently high inflation, projections for the next US rate cut have been pushed back to September.
Similarly, the Bank of England is anticipated to maintain borrowing costs at 3.75% when it announces its decision on Thursday.
In the equities market, the FTSE 100 inched up by 0.2%, reaching 10,341 points.
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