Sterling fell below $1.50 today after the Office for National Statistics (ONS) announced that the country’s rate of growth declined 0.5 percent to 3.0 percent in February. The pullback has – temporarily at least – eased pressure for a hike in interest rates to combat inflation.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s the second month in a row that itÃ¢â‚¬â„¢s undershot the consensus,Ã¢â‚¬Â said Peter Dixon, economist for Commerzbank. Ã¢â‚¬Å“It tells us that we can be pretty confident that the Bank of EnglandÃ¢â‚¬â„¢s view that inflation will fall sharply this year is on track.Ã¢â‚¬Â
Source: London Times
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