MORE BOE'S BAILEY: I HAVE NOT MADE MY MIND UP ABOUT A SECOND RATE HIKE

Bank of England Governor Andrew Bailey stated that he has not yet made up his mind about a second interest rate increase, signalling that the policy path remains open rather than pre-committed. The comment leaves markets pricing the probability of further tightening directly into short-sterling and gilt yields, with the rate differential against other major central banks serving as the main transmission channel to sterling. Because a firmer policy stance raises the expected return on sterling-denominated assets, GBP is the most immediately exposed currency, while front-end gilts are the most sensitive instrument as they reprice most quickly to changes in the expected path of Bank Rate. Traders will be watching the next UK CPI release and the wage growth data that follows, since persistent services inflation and labour market tightness are the factors most likely to shift Bailey's stated uncertainty toward a decision.

The British Pound (GBP) reacts sharply to Bank of England Monetary Policy Committee decisions, UK CPI and GDP releases, Gilt yield moves, and domestic political events. Cable (GBP/USD) is one of the most news-sensitive forex majors.

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