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GBP/USD Unchanged as UK Inflation Rises Ahead of Fed Rate Decision

Guavy AI Editorial Team
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The UK inflation rate rose to 3.1% year on year in August, driven by higher prices at the pumps and rising airfares.

The pound was little changed following the data, with expectations surrounding BoE rate hikes remaining unchanged.

However, BoE Governor Andrew Bailey warned that new risks are coming into play, such as rising food prices from challenging domestic weather and the impact of Super El Niño.

The Federal Reserve is set to announce its interest rate decision at 18:00 GMT, with a 91% conviction among market participants that it will hike rates by 25 basis points.

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