The GBP/SGD currency pair settled above recent low of 1.7011, its weakest level since March 3rd, in the wake of the Bank of England’s policy decision.
The Bank of England left its benchmark interest rate without change at 4% at its November 6th meeting, in line with market expectations.
Four policy makers voted in favor of a 25 basis point rate cut to 3.75%, reflecting increasing support for easing.
BoE policy makers acknowledged that UK CPI inflation had peaked and underlying disinflation had shown progress.
A subdued economy and rising labor market slack were also factors supporting disinflation, the BoE said.
Policy makers also noted risks over achieving the 2% inflation target were now more evenly balanced. Persistent inflation has become a lesser concern, while downside risks from weak demand have risen.
In case disinflation continues as anticipated, the bank rate will likely move lower at gradual pace.
Meanwhile, Singapore’s private sector has registered the strongest growth since August 2024 in October, the latest PMI data showed. The S&P Global Singapore PMI went up to 57.4 in October from 56.5 in September.
Output rose at the fastest rate in 14 months and new orders recorded their sharpest growth in 13 months.
The exotic Forex pair lost 0.10% for the week.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
