Sterling shoots up as BoE holds rates

Sterling shoots up as BoE holds rates

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The pound enjoyed an impressive boost against the euro and US dollar, with GBP/EUR reaching a 9-month high, following the Bank of England’s (BoE) decision to hold interest rates at 0.1%

The BoE voted unanimously against cutting rates into the negative. While a rate cut below the current 0.1% was unlikely, the absence of any surprises worked wonders for sterling, seeing it climb to its highest level against the euro since May 2020 and reclaim the week’s earlier losses against the US dollar.

The Bank of England attributed their decision to the growing expectation that the UK economy will recover rapidly throughout the year on the back of an impressive vaccine rollout.

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