Home Business News Pound recovers after BoE rate decision

Pound recovers after BoE rate decision

11th May 18 2:51 pm

Up against the dollar today

A weaker inflation report from the Bank of England yesterday had sent sterling tumbling down to $1.3464 against the dollar. However, the pound improved slightly today and was half a cent at $1.3571 up against the dollar.

According to Fiona Cincotta, Senior Market Analyst at City Index: “The bank downgraded its near-term growth outlook following a slew of weaker-than-expected economic data in May. Even though only a few weeks ago a rate increase seemed imminent, this decision may now end up being postponed for later in the year.”

Meanwhile, the London market was flat on the day at 7,702.75 points.FTSE 250 has gained 0.3 per cent to 20,755.41 points, with ZPG the best performer.


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