Any hints that the UK policy rate was something like “sufficiently restrictive” would hit the Pound – ING

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Economists at ING analyze the GBP outlook ahead of Thursday’s Bank of England Interest Rate Decision.

Slightly negative on Sterling later this year

Any hints on Thursday that the UK policy rate was something like ‘sufficiently restrictive’ would most like hit the Pound. 

We are slightly negative on Sterling later this year on the view that the 2024 BoE easing cycle will be larger than currently priced. But we will take our cue on the timing of this sell-off from Thursday’s BoE statement.