The GBP/SEK currency pair was stuck within a narrow daily range on Tuesday ahead of the outcome of the Bank of England’s and Sweden’s Riksbank policy meetings.
The Bank of England is expected to keep its benchmark interest rate intact at 4% at its November 6th meeting.
In September, two BoE policy makers voted in favor of a 25 basis point rate cut, while seven voted for leaving rates on hold.
The central bank had cited progress in disinflation after past shocks, underpinned by restrictive policy.
Wage growth, while still elevated, has slowed and is expected to ease further.
BoE policy makers had also highlighted a gradual, data-driven approach with no pre-set trajectory for rate cuts.
Meanwhile, Riksbank is expected to leave its key policy rate intact at 1.75% at its November 5th meeting.
In September, Sweden’s central bank cut borrowing costs by 25 basis points to 1.75%, as it sought to support economic activity and navigate inflation back to target in the medium term.
Policy makers said that conditions for stronger growth remained in place, as recent data offered reassurance elevated inflation was likely transitory.
Riksbank indicated that in case its inflation and growth outlook held, the policy rate would likely remain at this level “for some time.”
The GBP/SEK currency pair was last little changed on the day to trade at 12.4487.
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