Inflation returns to Bank of England’s target for the first time in nearly three years
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 19 2024
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Source: MarketWatch
- Inflation in the U.K.: Returned to the Bank of England's target after nearly three years, hitting 2% year-on-year in May.
- Bank of England's Response: Likely to reduce interest rates soon in line with other central banks.
- Data from Office for National Statistics: Consumer prices rose as expected, meeting economist forecasts.
- Significance of the Data: Indicates a potential shift in monetary policy by the Bank of England.
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Analyst Views on GBPUSD
Wall Street analysts forecast GBPUSD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GBPUSD is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
