Pound sinks as chance of interest rate cut rises
Pound sinks as chance of interest rate cut rises
1 minute readSterling has slumped against the euro and US dollar following Bank of England Governor Mark Carney’s admission that an interest rate cut could be on the horizon as a ‘prompt’ response to negative economic data.
These comments convinced investors to sell off the pound, and came in the same week that new EU Commission President Ursula von der Leyen expressed her doubts that a deal with the UK could be achieved before the end of 2020. This added further uncertainty to the already cloudy Brexit negotiations and spelt confusion for the pound.
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