India, Aug. 5 -- The British pound strengthened against other major currencies in the European session on Tuesday, as traders shift their focus to the Bank of England's (BoE) monetary policy announcement on Thursday.
Traders have priced in a 25 basis points (bps) decrease in interest rates by the BoE, which will lower borrowing rates to 4%. During the most recent policy meeting, the BoE maintained interest rates and indicated a strategy of "gradual and careful" monetary expansion.
Investors will closely monitor the Bank of England's monetary policy guidance for the rest of the year, particularly as labor demand in the United Kingdom (UK) is under pressure from rising employer contributions to social security schemes and persistent inflati...