- MarketPulse - https://www.marketpulse.com -

GBP/USD Drops to 1.6675 after BOE Dovish Shift

Sterling languished at four-month lows early on Thursday, having taken the honours of the worst-performing major currency after the Bank of England signalled it was in no hurry to raise interest rates.

The pound traded at $1.6688 GBP=D4 after suffering a 0.7 percent drop on Wednesday. It plumbed a near seven-week low at 80.20 pence per euro EURGBP=R and slid 0.7 percent on the yen to 170.79 EURJPY=R.

Wrong-footing the market again, Governor Mark Carney indicated that wage developments would be key to the exact timing of a rate move as the BOE slashed its forecast for wage growth.

Reuters [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.


Latest posts by marketpulsefxstaff (see all [4])