GBP/USD Stable as BoE Holds Rate, Fed Hikes to 3.75%-4.0%

The British Pound (GBP) stabilized against the US Dollar (USD) in early Asian trading hours on Friday, following recent policy decisions from the Bank of England (BoE) and the Federal Reserve (Fed).

The BoE maintained its Bank Rate at 3.75% with a 6-3 vote, while the Fed increased its benchmark rate to a range of 3.75%-4.0% with a quarter-point hike.

Market participants are assigning a 53.1% probability of another Fed rate increase at the October meeting, up from nearly 44% a day earlier.