Pound Tumbles On Anticipation Of Interest Rate Cut

The British Pound tumbles against the dollar to $1,4528 this morning as currency markets await the decision by the Bank of England to cut the base interest rate again by midday today.

Last night the pound sterling fell to its lowest level in 13-years at $1.4668, sterling also hit a record low against the euro, which jumped 86.74p. Since the single European currency was formed in 1999, this was the strongest the euro has been against the pound.

Over the last 12 months the pound has tumbled more than 27 percent against the dollar, and on the trade-weighted index its fallen by almost 20 percent.

It’s widely expected that the Bank of England Monetary Policy Committee will slash the interest rate by 1 percent or more today, if they do cut the base interest rate by 1 percent, it will be the lowest level since 1951.

Source: BBC
Blizzard download