Bailey speech: Key factors for May rate decision were domestic, not tariffs

GBP/USD

FXStreetJun 3, 2025 9:27 AM

Bank of England (BoE) Governor Andrew Bailey is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday.

Key quotes

Key factors for May rate decision were domestic, not tariffs.

We have not seen particular inflation surprises.

Labor market has loosened somewhat.

Pay growth is above levels consistent with 2% inflation target but lower than expected in Feb.

Gradual and careful remain my guide for rates.

developing story ....

Market reaction

At the time of writing, GBP/USD is trading at around 1.3520, down 0.18% on a daily basis.

British Pound PRICE This week

The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the weakest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.57%	-0.41%	-0.69%	-0.10%	-0.36%	-0.70%	-0.56%
EUR	0.57%		0.16%	-0.10%	0.50%	0.21%	-0.17%	0.00%
GBP	0.41%	-0.16%		-0.25%	0.31%	0.05%	-0.33%	-0.15%
JPY	0.69%	0.10%	0.25%		0.58%	0.31%	-0.05%	0.03%
CAD	0.10%	-0.50%	-0.31%	-0.58%		-0.26%	-0.63%	-0.46%
AUD	0.36%	-0.21%	-0.05%	-0.31%	0.26%		-0.31%	-0.12%
NZD	0.70%	0.17%	0.33%	0.05%	0.63%	0.31%		0.18%
CHF	0.56%	-0.01%	0.15%	-0.03%	0.46%	0.12%	-0.18%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

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