Financial Digest

Sterling up ahead of Fed, Bank of England decisions

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Sterling edged up against the dollar today as markets braced for policy decisions from the US Federal Reserve and Bank of England on benchmark interest rates aimed at curbing soaring inflation.

Investors are focused as much on any clues as to the path of future rate hikes as on immediate moves.

The dollar weakened broadly in early European trading hours - supporting currencies including the pound - on market bets the Fed would signal a slower pace of tightening in future. Currency analysts said the Fed meeting would likely set the tone ahead of the Bank of England's decision tomorrow. "Our worry is the Fed could be less hawkish than priced. If there's any disappointment that could put some downward pressure on cable tomorrow," he added.

 

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