Pound slips as expectations of rate cut grow

Pound slips as expectations of rate cut grow

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Pound slips as expectations of rate cut grow

Sterling surrendered yesterday’s gains on the euro and US dollar, falling as a result of growing expectation over an interest rate cut by the Bank of England in the coming months.

Coupled with a negative outlook on new finance minister Rishi Sunak’s budget next month, investors are attributing the lack of faith in the UK economy to the spread of coronavirus according to Reuters. While many had hoped for a boost in fiscal spending in the new budget, doubts are growing over whether this will be enough to boost the pound.

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