Sterling fell on Friday against the Dollar and Euro, putting it on course for its largest weekly declines against both currencies since the beginning of last month.

The Bank of England (BoE) announced a half percentage point increase in rates on Thursday, the nine consecutive rise. Yet, although the BoE adopted the view that inflation has reached a peak, other central banks indicated more increases are on the cards.

The European Central Bank also hiked rates by 50 basis points this week and signalled more are in the pipeline. The Federal Reserve also raised rates on Wednesday by half a percentage point and said more will follow in 2023.

“The BoE has struggled to support the Pound with rate hikes this year,” stated Jane Foley, head of FX Strategy at Rabobank London.

“Although this week’s meeting did not contain fresh quarterly economic forecasts, the recessionary backdrop painted by the bank remains dour. At the same time, the bank’s message this week was far less hawkish than that provided by the ECB.”

The Pound declined 0.2% to $1.2160 against the greenback, Reuters reports, after briefly hitting a nine-day low against the Dollar.

Furthermore, against the Euro, the Sterling was trading at 87.39 pence, a 0.2% decline on Friday, after edging back as much as 0.5% previously to a month-low of 87.70 pence.

Other central bank meetings this week saw the Swiss National Bank and Norway’s central bank also increase rates on Thursday.

“UK rates certainly defied the widespread rise across Europe… Interestingly, the SNB will protect the Swiss Franc a lot more than the BoE will protect Sterling, and that is why we see GBP/CHF heading lower too,” according to Chris Turner, Global Head of Markets at ING.

The Pound was on track for the largest weekly fall in over a month on Friday against the Swiss Franc but was flat on the day at 1.1303.