The Bank of England lowered interest rates, following the ECB. The Fed will take a different path this year. That will put upward pressure on the dollar.

Governor Andrew Bailey says the BOE will take a “gradual and careful” approach to cutting rates Join the Markets Today team -- Sam Unsted, Morwenna Coniam, Nick Bartlett and Dave Goodman -- for news and analysis vital to UK markets. Email us at [email protected]

The Bank of England could cut interest rates only twice more, including once at this week’s meeting, pausing rate reductions by the second half of the year, Berenberg’s Andrew Wishart says in a note.