The pound dropped the
most in two weeks against the dollar as investors added to bets the Bank
of England will lag behind the Federal Reserve when it comes to raising
interest rates.
Fewer BOE policy
makers voted to increase interest rates than had been predicted by
economists surveyed by Bloomberg, fueling speculation U.K. rates will
stay lower for longer. The 8-to-1 breakdown in favor of holding rates,
released as part of a slew of BOE data dubbed “Super Thursday,” came a
day before a U.S. jobs report, hotly anticipated by investors seeking
clues on the timing of the Fed’s first rate increase since 2006.
The pound fell 0.6
percent to $1.5514 as of 2:49 p.m. in New York, the biggest decline
since July 23. Sterling weakened 0.7 percent to 70.39 pence per euro. It
touched 69.36 pence on July 17, the strongest level since 2007.
BOE Governor Mark
Carney said at a press conference in London that officials are looking
carefully at the impact the strength of sterling on inflation and
consider it in their decisions.
Source: Bloomberg
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