UK Pound Drops on FX Market
Sterling down in currency tradingThe UK pound is down on the FX market this morning after the release of the last Bank of England meeting to discuss British interest rates. The sterling is down in currency trading, since the minutes show that one member of the committee wanted to cut rates further than was done. However, Reuters reports that the losses by the UK pound in forex trading are limited:
However losses were limited as investors are cautious about the extent to which the BoE will cut rates in the future.
"The BoE continues to warn that, firstly, it is in no hurry to cut rates again given the likelihood of a near-term inflation spike and, secondly, that the market should not expect a dramatic series of rate cuts either," said Bank of America in a note to clients.
See Also
- UK Pound in Forex Trading
Currency trading on the FX market
Source : GFT Forex
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