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Pound Sterling Plummets as the Chance for a BOE Rate Cut Improves
The British pound fell to a 22-month low yesterday (Wednesday), after the Bank of England (BOE) offered a gloomy outlook for the U.K. economy and the chance of an interest rate cut increased.
The pound fell to $1.8656 yesterday – its lowest level since October 2006 – from 1.8968 the day prior. The British currency has fallen 5.4% against the dollar so far this year, and 7.6% against the dollar since the end of July. The pound is down 7.5% against the euro this year.
The decline has been prompted by a perceived shift in BOE policy, as many analysts…
14Aug2008 | Money Morning | Comments Off | Continued
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