BLBG:Pound Extends Declines After BOE Keeps Monetary Policy on Hold
The pound extended a drop against the dollar after the Bank of England left its asset-purchase target unchanged and said in a statement that increases in market rates were weighing on the outlook for the economy.
Britain’s currency weakened at least 0.8 percent versus all 16 of its major peers. The London-based central bank kept its quantitative-easing target at 375 billion pounds ($567 billion), as predicted by all 44 economists in a Bloomberg survey. Sterling has strengthened in the past month as data including services, manufacturing and construction growth has indicated the economy is gathering momentum.
The pound extended a drop against the dollar after the Bank of England left its asset-purchase target unchanged and said in a statement that increases in market rates were weighing on the outlook for the economy.
Britain’s currency weakened at least 0.8 percent versus all 16 of its major peers. The London-based central bank kept its quantitative-easing target at 375 billion pounds ($567 billion), as predicted by all 44 economists in a Bloomberg survey. Sterling has strengthened in the past month as data including services, manufacturing and construction growth has indicated the economy is gathering momentum.
