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Relaxed Bank of England Sends Pound Lower against Euro and US Dollar, But Move Looks Overdone
The British Pound was sold after an optimistic Bank of England didn't quite meet the lofty expectations build up by investors ahead of its June policy meeting. The Bank showed it was in no rush to raise interest rates with the statement issued following the meeting revealing policy setters view the current rise in inflation as being temporary, a potentially disappointing outcome for those in the currency market looking for more urgency. "The Bank of England's latest statement is a little more upbeat than might have been expected, but crucially offers no new clues on rate hike timing," says James Smith, Developed ... (full story)