Sterling recovers against dollar after cautious cut in interest rates
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Sterling recovered from two-week lows against the dollar on Thursday after the Bank of England cut interest rates by only a quarter point to 5.25 percent amid concerns of slower economic growth.
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The pound was on the backfoot against the dollar as the US currency rebounded, with the falls in the wake of a woeful survey on services sector activity proving short-lived on the widely accepted view that the slowdown is not confined to the US.
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The pound rose against the dollar and was steady despite further evidence of slowing consumer credit and mortgage lending emerging in Britain, adding to the argument that interest rates have hit a peak.
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The pound was trading at week lows against the dollar in Friday afternoon trading, as it reversed some of its solid gains made Thursday on the back of strong surveys on UK manufacturing and the retail sector. Sterling was also slightly weaker against the euro.
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The pound managed to hold steady against the euro and yen Friday despite falling against the dollar.
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Positive economic growth has helped the dollar gain ground on the pound ahead of an anticipated interest-rate decision from the US Federal Reserve.
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The pound held firm against the dollar and euro on Friday after a robust wages survey indicated that the Bank of England will continue to trim interest rates as it tries to keep a grip on inflationary pressures in the British economy.
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The pound was boosted against the dollar after the preliminary estimate for the GDP was left unchanged, suggesting that growth in the economy remains robust.
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The pound rose againt a weaker dollar and against the yen on Tuesday, as the markets tried to work out whether a US interest rate cut was on the cards.
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The pound remained sharply higher after the Bank of England's decision to hike interest rates by 25 basis points to 4.75 percent surprised the market, which had been expecting rates to be left on hold.
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Sterling has continued to outperform the dollar as economic data suggested that the Bank of England's (BoE) interest rate hikes have failed to deter homebuyers.
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The pound has made slight gains against the dollar on the back of yesterday's release of Bank of England minutes which suggested a further hike in interest rates is unlikely.
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The pound was up against major currencies Wednesday as the sell-off on the world's stock markets eased.
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The dollar recovered some poise as a sharp fall in oil prices helped calm worries over the burgeoning US current account deficit, with lower energy costs also supporting the yen.
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The pound came off earlier highs but remained firm, rising above the 1.98 US dollar mark for the first time in 11 days, supported by positive merger and acquisition talk, as well as the dollar&#39;s weakness.
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The pound stabilised after earlier losses following China&#39;s tax hike and the release of a survey showing inflation expectations remaining steady despite the rise in CPI inflation.
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The pound soared against the dollar on Wednesday amid mounting speculation that the Federal Reserve will cut interest rates by at least a quarter point to boost the flagging US economy.