Economic news

Review: Pound drops as interest rates hike is not likely

The pound dipped a two-week trough versus the greenback and extended its losses against the euro, following Bank of England Deputy Governor Ben Broadbent’s dovish position on possible interest rates hike.

Sterling lost 0.25 percent, declining to $1.2815. It also has weakened against single currency to €1.1187.

Broadbent noted that the committee is moving in direction to increase interest rates, but that it is clear now that an August hike is impossible.

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