The GBPUSD a bit to $1.27. People focus more on the dollar because inflation seems higher than we thought, and jobs are stable. The Bank of England’s boss, Andrew Bailey, said to the UK parliament that even with higher loan costs, people and the economy are doing okay.
Home loan costs aren’t as bad as in the past financial crisis. He hopes these costs will keep going down but didn’t talk about future money plans. People don’t think the Bank of England will lower rates much this year. They guess around 115 points lower in 2024. Everyone’s waiting for the UK’s money report on Friday.