EN Down
Hi, user_no_name
Live Chat
 Sterling on track for weekly loss against U.S. dollar ahead of BoE meeting


Sterling set for largest weekly decline vs. USD since December

The UK's pound sterling is on the verge of its largest weekly decline against the dollar since December, as anticipation builds for the interest rate decision by the Bank of England (BoE) scheduled for next week.

This downturn for the British pound follows a period where it showed considerable strength, bolstered by expectations that the BoE might maintain elevated interest rates longer than other major central banks.

A recent BoE survey revealed a drop in the British public's inflation expectations for 2024 over the last three months, potentially offering some comfort to BoE officials deliberating on the timing for interest rate reductions.


Calculate your Forex margin

Calculate your hypothetical required margin for a Forex position, if you had opened it now..


Majors Search


Clear input



Account Type



Amount must be equal or higher than

Amount should be less than

Amount should be a multiple of the minimum lots increment

USD Down



Required Margin

Required margin is displayed in instrument currency

Required Margin

Required margin is displayed in selected account currency

Current conversion price:

Start Trading

Past performance is not a reliable indicator of future results.

GBP/USD slips, euro sees mild gains against pound

As of the latest, sterling remained relatively stable against the dollar at $1.27535, but is poised for a 1% decline over the week. Meanwhile, the euro saw a slight 0.1% increase against the pound, reaching 85.40 pence.

Economic data released this week showed a resurgence in Britain's housing market in February, while the overall UK economy grew by 0.2% in January after slipping into recession in late 2023.

Market consensus currently points to the BoE maintaining the UK interest rate at 5.25% in its upcoming meeting, with market predictions suggesting a slower pace of rate cuts compared to the European Central Bank and the Federal Reserve this year.

In a note shared with the Reuters news agency, economists at BNP Paribas wrote:

"We think the BoE will steer clear of indicating when it will likely start cutting, retaining its neutral guidance from February”. 

They added that they expected the first BoE cut in June, with a total 1 percentage point reduction over 2024.


GBP forecast: Rabobank sees GBP/USD recovering to 1.30 area on 12-month view

Economists at Rabobank shared a more long-term GBP forecast in a note dated March 14. The bank said it retains a “constructive” view for pound sterling this year:

“On balance, we retain a modestly constructive picture for GBP vs. the EUR for the year ahead. This is supported by our house expectation that the BoE could retain steady policy until September. This compares with our forecast of rate cuts from both the ECB and the Fed in June. We continue to forecast a move to EUR/GBP 0.8400 in the latter half of this year."

At the time of writing on March 15, the GBP to USD currency pair, widely known as “cable” in forex markets, traded flat at $1.2755 — up 0.02% on the day. The U.S. dollar index (DXY) was also flat at 103.35.

The EUR to GBP rate saw the euro strengthen against the pound, gaining 0.09% to 85.42p.


When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.

Latest news

French election worries drop CAC 40, widen bond spreads

Friday, 14 June 2024


Election fears hit CAC 40, French-German bond spreads widen

Tesla shares up after shareholders approve CEO Elon Musk's massive pay package

Friday, 14 June 2024


Tesla shares higher as shareholders back $56bn Musk pay deal

Japanese yen drops as BoJ stands pat on rates, "stalls" until next meeting

Friday, 14 June 2024


Stocks rise, Japanese yen falls after BoJ "stalling tactic"

RBA, SNB, Bank of England rate decisions due next week

Thursday, 13 June 2024


Week ahead: RBA, Bank of England in stick or twist mode

Live Chat