HomeFinancial MarketsPound Holds Steady as Bets Roll in for Bank of England Decision

Pound Holds Steady as Bets Roll in for Bank of England Decision

Sterling remained steady on Wednesday as investors remained split when it came to betting on the Bank of England’s next policy decision due to be debated at its meeting on Thursday.

The British pound remained flat against the U.S. dollar at $1.2782 after slumping to a three-week low on Tuesday. The pound rose 0.1% against the euro to 85.89 pence after hitting a one-week low on Tuesday night.

Investors are largely expecting the Bank of England to hike interest rates again, thereby extending its streak to 14 consecutive hikes. The UK central bank instituted a 50 basis point hike in June.

Markets believe that there is a 63% chance of a 25 basis point hike on Thursday, which would see the BoE interest rate hit a 15-year high of 5.25%. A 37% probability has been given for another 50 basis point rise.

UPS Stocks Tank Amid Disappointing Earnings

Shares in United Parcel Serice (UPS) slumped by 13% during midday trading on Tuesday after the company reported lower-than-expected second-quarter financial results. Adjusted profit...

Wiz Rejects $23 Billion Acquisition Bid From Google

Wiz has rejected a $23 billion acquisition offer by Google parent company Alphabet Inc. "Saying no to such humbling offers is tough," Wiz CEO...

S&P 500 Rally Stalls Ahead of Earnings Season

U.S. stocks showed little movement on Tuesday as traders began to reflect on corporate financial results as earnings season gets underway. Investors are anxiously...