The Pound Sterling (GBP) trades higher against its major currency peers, except antipodeans, 0.23% higher to near 1.3520 against the US Dollar (USD) during the European trading session on Wednesday. The British currency gains even as Bank of England (BoE) Governor Andrew Bailey has delivered dovish remarks on the monetary policy outlook.
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.16% | -0.18% | 0.20% | -0.12% | -0.55% | -0.21% | -0.04% | |
| EUR | 0.16% | -0.02% | 0.37% | 0.04% | -0.40% | -0.05% | 0.12% | |
| GBP | 0.18% | 0.02% | 0.40% | 0.06% | -0.38% | -0.02% | 0.14% | |
| JPY | -0.20% | -0.37% | -0.40% | -0.30% | -0.74% | -0.40% | -0.23% | |
| CAD | 0.12% | -0.04% | -0.06% | 0.30% | -0.44% | -0.10% | 0.08% | |
| AUD | 0.55% | 0.40% | 0.38% | 0.74% | 0.44% | 0.36% | 0.52% | |
| NZD | 0.21% | 0.05% | 0.02% | 0.40% | 0.10% | -0.36% | 0.17% | |
| CHF | 0.04% | -0.12% | -0.14% | 0.23% | -0.08% | -0.52% | -0.17% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
On Tuesday, the comments from BoE’s Bailey before the Parliament’s Treasury Committee signaled that there is scope for interest rate cuts amid the expectation that inflationary pressures will return to the central bank’s 2% target.
BoE’ Bailey didn’t explicitly endorse an interest rate cut in the Market policy meeting, but said, “Rate cut at next meeting is a genuinely open question”.
On Monday, BoE Monetary Policy Committee (MPC) member Alan Taylor advocated for two to three interest rate cuts in the near term amid downside employment risks and cooling inflationary pressures. “Risks are shifting to lower inflation and higher unemployment, Taylor said, and added, “We [the BoE] might have two-three rate cuts to go before theoretical neutral level.”
Meanwhile, correcting US Dollar (USD) has also offered strength to the GBP/USD pair. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.2% lower to near 97.65.
The US Dollar has come under pressure after United States (US) President Donald Trump’s State of the Union (SOTU) address before Congress, in which he praised his economic achievements and criticized the Supreme Court for ruling against tariffs.