The Bank Of England has been playing catch up with the Federal Reserve on raising the funds rate and there was even a period of time during last year when the BOE is expected to be the first to do it.
Now with the Fed already hiked for the first time since 2006, market expectations are likely still for the BOE to be second and follow the federal reserve.
However, unlike the Fed, the BOE doesn't see yet its inflation moving higher towards 2% target. The next inflation release will be on January 19 and knowing the market has not yet priced in a hike, the event could be a catalyst for the cable to start gaining strength.
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