Reported 2 months ago
The Bank of England has lowered interest rates for the first time since 2020, leading to a drop in the pound's value by 0.7% against the dollar, trading around $1.2764. While investors had anticipated this decision, uncertainty lingered regarding future cuts amid mixed economic signals. Gilt yields, on the other hand, decreased, reflecting cautious market expectations for continued rate easing. The pound remains strong against other major currencies in 2024, but analysts suggest that further cuts by the BOE could weigh on its value.
Source: YAHOO