Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
LONDON, Sept 20 - The dollar edged lower on Wednesday ahead of a much-anticipated rate decision by the Federal Reserve later in the day, while sterling slid on increased bets the Bank of England will pause its historic run of interest rate hikes.
British annual consumer price inflation unexpectedly fell to 6.7% in August, official data showed on Wednesday, a day before the BoE is expected to raise rates again.Dominic Bunning, Head of European FX Research at HSBC, said softness in core and services inflation in particular should give some comfort and limit the BoE to a 25bp hike on Thursday, marking the peak in the cycle.
Goldman Sachs said on Wednesday it now expects the BoE to keep interest rates unchanged on Thursday after data showed British inflation was much lower than expected in August. "Powell will aim for neutral, well-trod rhetoric: acknowledging progress in the data, continuing to stress data dependence, keeping the possibility of another hike live and only vague mention of the 2024 path," said Elsa Lignos, Global Head of FX Strategy at RBC Europe.
The yen flattened at 147.87 after touching a fresh 10-month weak-point against the dollar of 148.17 ahead of the Fed decision.
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