GBP/USD: No Change Expected from BoE

The pound euro exchange rate is rising on Thursday after mild losses in the previous session.

The pound is rising ahead of the BoE interest rate announcement, where it is expected toraise rates by 75 basis points. This would take rates to the highest level since 1989 as the central bank fights against 10.1% inflation. The BoE is also expected to downwardly revise growth forecasts.

The euro trades lower after gains yesterday. The euro rose despite manufacturing PMI being revised lower to 46.4. The data suggests that the region is heading into a recession.

Today eurozone unemployment is expected to hold steady at 6.6%.