Sterling Gains on BoE Forecast – 7 February, 2017
The Bank of England cut its growth forecast over weak economic growth and Brexit uncertainty, pushing sterling to advance and further confirming its plan to rise interest rates should the EU move forward with a divorce deal. The pound managed to gain after hitting a two week low of $1.2854 and settling at $1.2969. It strengthened 0.4 percent against the euro to 87.57 pence.