On Monday, the exchange rate of the British pound/US dollar currency pair is holding near the level of 1.20, remaining under pressure after the release of weak economic data from the UK. In addition, the pound sterling is declining in anticipation of a possible increase in the key interest rate of the US Federal Reserve by another 75 bps this week. Last week, economic data were presented, according to which the growth of business activity in the UK in July was the lowest in 17 months, and inflationary pressure decreased slightly. The increase in consumer prices in the country is mainly due to sky-high fuel prices. Moreover, analysts note that the post-crisis recovery of the British economy is currently lagging behind the recovery of other G10 economies. In addition, inflation in the country may be more stable due to Brexit, which will further complicate the task of the Bank of England. The next meeting of the British regulator will be held on August 4. Market participants expect the Bank of England to raise the interest rate by 50 basis points.
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