Sterling Wobbles Ahead Of BoE Announcement
It's same old, same old for the pound I'm afraid today. With the BOE set to possibly reduce interest rates by a full one percent according to most economists, sterling is looking vulnerable.
At 7.30am GMT the pound stood at $1.4708, down almost three quarters of a cent from a close at $1.4775 yesterday. At one point yesterday the British currency fell to $1.4666, it's lowest level since Nov 17th.
The ECB is also expected to lower interest rates today, but by a more cautious half point to 2.75%. That would leave a disparity between the UK and the Eurozone of three quarters of a percent, favouring a weaker pound viz-a-viz the euro. The euro rose to 86.15 pence against the pound in early trade, close to it's all time high of 86.60 set on 13th Nov.
At 7.30am GMT the pound stood at $1.4708, down almost three quarters of a cent from a close at $1.4775 yesterday. At one point yesterday the British currency fell to $1.4666, it's lowest level since Nov 17th.
The ECB is also expected to lower interest rates today, but by a more cautious half point to 2.75%. That would leave a disparity between the UK and the Eurozone of three quarters of a percent, favouring a weaker pound viz-a-viz the euro. The euro rose to 86.15 pence against the pound in early trade, close to it's all time high of 86.60 set on 13th Nov.
