Pound falls as UK braces for potential interest rate cut

Pound falls as UK braces for potential interest rate cut

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Pound falls as UK braces for potential interest rate cut

Sterling has slumped against the US dollar and euro ahead of tomorrow’s decision on interest rates by the Bank of England. With many investors now seeing the chances of a rate cut as too close to call, the pound is experiencing volatility. 

The likelihood of the cut has dropped in the past fortnight, owing to positive UK economic data reducing the need for many investors of monetary action by the BoE. However, the movement appears to have not been enough to remove uncertainty of tomorrow’s vote.  

 

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