Thursday May 8, 12:29 PM
Forex - Pound briefly strengthens after BoE keeps interest rates on hold
LONDON (Thomson Financial) - The pound briefly strengthened after the Bank of England decided to keep its key Bank Rate on hold at 5.00 percent.
The decision was expected, but financial markets had priced in a small probability that the nine-member MPC (A050540.KQ - news) may cut borrowing costs by a quarter point for the second month running following a recent run of weak data.
Following the announcement, the pound briefly strengthened to 1.9611 usd from 1.9573 usd prior to the decision, while the euro had temporarily weakened to 0.7826 pounds from 0.7840 pounds.
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