Pound up ahead of BoE’s first post-Brexit meeting

AFP, TOKYO: The pound rose yesterday ahead of a meeting of the Bank of England as it mulls an interest rate cut to counter the fallout from Britain’s vote to exit the European Union.
Sterling picked up to $1.3223 from $1.3144 in New York as markets await the outcome of the central bank’s first meeting since last month’s referendum.
The shock decision to exit the 28-member bloc led BoE chief Mark Carney to say “some monetary policy easing will likely be required over the summer”. A rate cut would be the bank’s first in seven years.
In other trading, China’s yuan dropped to its lowest in nearly six years on the back of weak trade data that stirred worries about the world’s number two economy.

Pound up ahead of BoEs first post-Brexit meeting

AFP, TOKYO: The pound rose yesterday ahead of a meeting of the Bank of England as it mulls an interest rate cut to counter the fallout from Britains vote to exit the European Union. Sterling picked up to $1.3223 from $1.3144 in New York as markets await the outcome of the central banks first meeting since last months referendum. The shock decision to exit the 28-member bloc led BoE chief Mark Carney to say some monetary policy easing will likely be required over the summer. A rate cut would be the banks first in seven years. In other trading, Chinas yuan dropped to its lowest in nearly six years on the back of weak trade data that stirred worries about the worlds number two economy.