LONDON: The pound slipped against the dollar and euro on Friday, as traders awaited the Bank of England’s policy meeting next week. Sterling fell by as much fell as 0.7%, on course for its worst day in over a month, and by 1410 GMT was at $1.3853.
The losses marked a retreat from a nine-day high on Thursday, as the dollar rebounded from the lowest level in nine weeks, plumbed after the US Federal Reserve squashed expectation of any shift in its monetary policy.
The dollar was last up 0.4% against a basket of major currencies, and on course to narrowly avoid a fourth straight weekly decline. Analysts said profit-taking on dollar short positions helped to lift the currency.
Versus the euro, the pound lost 0.1% to 87.01 pence, pinned in the narrow range it has traded for most of this month.
Few analysts expect major changes to the Bank of England’s policy settings next Thursday, although some see the central bank slowing its bond-buying.
Comments
Comments are closed.