Sterling Rises Amid BoE Rate Hike Expectations
The pound (GBP) received a boost on Monday due to growing expectations that the Bank of England (BoE) could raise interest rates in November. BoE Deputy Governor Dave Ramsden indicated he would favour tighter monetary policy if inflationary pressures remain elevated.
This development helped Sterling gain broad support, with the UK economic calendar offering little major releases. The pound's performance may be influenced by wider currency market trends instead.
The euro (EUR) faced pressure due to a sharp increase in European gas prices, which raised concerns about the region's economic outlook. Germany's latest economic sentiment data could provide some relief for the euro if business confidence across the Eurozone's largest economy continued to strengthen in September.