Sterling Falls to 7-Week Low vs Dollar After BOE Holds Rates
Dow Jones09-17 19:28
1128 GMT - Sterling falls to a seven-week low against the dollar and a one-week low versus the euro after the Bank of England voted 6-3 to keep interest rates unchanged at 3.75%. Money markets priced a 76% chance that rates would be held steady and a 24% chance of a 25 basis points rate increase, LSEG data show. The BOE said there was little evidence of second-round inflation effects. It also said it now plans active sales of 20 billion pounds of bonds annually until 2034, alongside maturing gilts. Sterling falls to as low as $1.3346 after the decision, from $1.3403 beforehand. The euro rises to as high as 0.8592 pounds from 0.8562.
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