Sterling Recovers Marginally After Falling on BOE Remarks -- Market Talk

Dow Jones10-04 15:37

0737 GMT - Sterling edges higher, although it remains at weaker levels, recovering after Thursday's sharp falls after remarks by Bank of England Governor Andrew Bailey opened the door to ramping up interest-rate cuts. The BOE's previously cautious stance on rate cuts and the U.K. economy's surprisingly strong performance in the first half were major drivers of sterling's strength this year but "both look like they are in jeopardy," Swissquote Bank analyst Ipek Ozkardeskaya says in a note. Bailey told the Guardian the BOE could become more aggressive in cutting rates if inflation continues easing. GBP/USD rises 0.2% to 1.3144, having hit a three-week low of 1.3092 on Thursday, according to FactSet. EUR/GBP falls 0.2% to 0.8393. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

October 04, 2024 03:37 ET (07:37 GMT)

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Bailey told the Guardian the BOE could become more aggressive in cutting rates if inflation continues easing. GBP/USD rises 0.2% to 1.3144, having hit a three-week low of 1.3092 on Thursday, according to FactSet. EUR/GBP falls 0.2% to 0.8393. 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