Sterling drops against USD and euro

Sterling drops against USD and euro

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Sterling slumps following shock decision from BoE

A surprise announcement from the Bank of England has caused the pound to drop against both the US dollar and the euro. Despite mounting concerns around inflation, the decision was made to keep interest rates unchanged at 0.1% after they were cut to manage the impacts of the pandemic.

While the sustained reopening of the economy had prompted predictions for a rate rise, the BoE has signalled that the increase may instead be expected “in coming months”, and so sterling has been sent into a decline.

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