GBP/USD remains tepid for the second consecutive day, trading around 1.2780 during the Asian session on Wednesday.
GBP/USD struggles as the US Dollar improves due to the cautious stance of Fed Chair Powell. Fed Chair Powell stated, First-quarter data did not support the greater confidence in the inflation path. BoE policymaker Jonathan Haskel stressed maintaining steady interest rates until there is greater certainty that inflationary pressures have subsided.
Its primary goal is to achieve ‘price stability’, or a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall. This also impacts the value of the Pound Sterling .
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