The British central bank has emphasized its intention to move steadily to ensure that inflation continues to slow.

The U.K. central bank left its key interest rate unchanged, taking a more cautious approach than the Federal Reserve.

The U.K. pound is up 0.7% to $1.3307, its highest level against the U.S. dollar since March 2022, as traders react to news that the Bank of England left its main bank rate unchanged at 5%.