Forex Market News

Pound Depreciated By 0.34 Percent

Pound depreciated by 0.34 percent on Friday’s trading session as traders were disappointed after Bank of England refrained from giving any signal over monetary tightening. Bank of England signaled that it was comfortable with its record low interest rates and said it now expect inflation to be slightly lower in two years time than it did in November.
The BOE monetary policy committee voted 9-0 to keep rates on hold at 0.25 percent. Further, disappointing economic data added downside pressure. However, sharp downside was prevented as central bank raised its growth forecasts. In intraday Pound touched a low of 1.2456 and closed at 1.2485 against Dollar.
Pound is expected to trade with negative bias on the back of weak economic data from UK and divergence in monetary policy. Activity in the manufacturing, Services and construction sector slowed down. Further, BOE monetary policy committee voted 9-0 to keep rates on hold at 0.25 percent. Traders were disappointed after Bank of England refrained from giving any signal over monetary tightening.
Bank of England signaled that it was comfortable with its record low interest rates and said it now expect inflation to be slightly lower in two years time than it did in November. Investors are worried that Scotland may call for another referendum on independence. Scottish Greens Lawmaker said a decision on calling a new independence referendum could be made within weeks. GBPINR Feb expected to trade in a range between 83.70 on lower side and 84.70 on higher side with downward trend.
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