Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The GBP/NOK currency pair rebounded after a recent string of losses on Wednesday ahead of the outcome of Norges Bank’s and the Bank of England’s policy meetings.

The Bank of England is expected to keep its benchmark interest rate intact at 4% at its September 18th meeting.

In August, the BoE lowered its key rate by 25 basis points to 4% – the lowest rate since March 2023.

August’s decision came after a rare two-round vote that revealed sharp divisions over how to cope with sticky inflation and a softening economy.

Five of the nine policy makers supported a 25 basis point rate cut, while four voted for leaving rates on hold.

It was the first time in the BoE’s history that two votes were required to reach a majority on interest rates.

BoE Governor Andrew Bailey said it was a “finely balanced” decision and reiterated that future rate cuts would be “gradual and careful.”

Meanwhile, Norges Bank is expected to cut its key policy rate by 25 basis points to 4% at its September 18th meeting.

While the economic outlook remains uncertain, the central bank had said that in case conditions evolved broadly as expected, it might deliver more rate cuts by the end of this year.

The GBP/NOK currency pair was last up 0.57% on the day to trade at 13.4037.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: EUR/USD daily trading forecastForex Market: EUR/USD daily trading forecast Yesterday’s trade saw EUR/USD within the range of 1.1214-1.1320. The pair closed at 1.1226, falling 0.82% on a daily basis, or the most considerable daily loss since August 26th, when it depreciated 1.75%.At 6:38 GMT today EUR/USD was down […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Yesterday’s trade saw GBP/USD within the range of 1.4080-1.4228. The pair closed at 1.4114, losing 0.66% on a daily basis. It has been the 32nd drop in the past 58 trading days and also a third consecutive one. The daily low has been the […]
  • Map Reveals the Most Valuable Brands Around the World in 2024Map Reveals the Most Valuable Brands Around the World in 2024 At TradingPedia, we're excited to present our latest report, which delves into the world of brand valuation and reveals the most valuable brands globally in 2024. Our comprehensive analysis explores the top brands by value in 45 countries, […]
  • WTI futures drop on slowing China economy, Iran dealWTI futures drop on slowing China economy, Iran deal West Texas Intermediate fell on Tuesday amid concerns a slowing Chinese economy will reduce oil demand in the country, the second biggest consumer after the US. The oil market was further pressured by the prospects of increasing Iranian crude […]
  • Frasers Centrepoint Ltd’s share price down, makes a 2.4-billion dollar bid for the acquisition of AustralandFrasers Centrepoint Ltd’s share price down, makes a 2.4-billion dollar bid for the acquisition of Australand Frasers Centrepoint Ltd, which is a property company based in Singapore, made a bid for the acquisition of the Australian residential developer and office landlord Australand Property Group. Australand Property Group itself made a regulatory […]
  • Nokia takes full control over its best performing businessNokia takes full control over its best performing business Nokia is buying its best performing business as raising concerns amid investors of companys balance sheet stability. The Finnish firm is acquiring Siemens after both companies took part in a joint venture, in order to introduce stability to […]