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The pound fell by 1% following the interview with the Bank of England head


十月, 03 2024
watermark Economic news

On Thursday, the pound sterling fell by more than 1% against the euro and the US dollar, reaching a three-week low. This happened after statements by the head of the Bank of England, Andrew Bailey, in an interview with The Guardian. 


He noted that the British central bank may act «more aggressively» in lowering interest rates if positive trends in inflation persist.


Bailey stressed that the UK economy has turned out to be more resilient than expected two years ago. He added that the economy has survived the last five years better than expected, and it has potential for development. Bailey also highlighted three key structural challenges facing the country: an aging population, the need to increase defense spending, and the fight against climate change.


The pound is trading at $1.3114, whereas in the previous session it closed at $1.3266. Relative to the euro, the exchange rate was 0.8417 pounds against 0.8326 a day earlier.


Futures on the base rate indicate the probability of a 25 basis point reduction in the base interest rate by the Bank of England next month, and the possibility of a similar reduction in December is estimated at 40%. Recall that in September, the Central Bank left the rate at 5% per annum, after reducing it by 25 basis points in August.


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外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。