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Sterling down 0.2% against dollar prior to BoE interest rate decision

Sterling down 0.2% against dollar prior to BoE interest rate decision
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The pound has slipped by 0.2 per cent this morning (February 10th), forex traders might like to note.

This move comes shortly before the Bank of England (BoE) is due to announce its stance on the interest rate - which currently stands at a record low of 0.5 per cent - at 12:00 GMT, Reuters reports.

Sterling fell to $1.6075, although the drop was limited due to traders waiting for the Monetary Policy Committee to decide on the base rate, the news provider noted.

Daragh Maher, deputy head of global foreign exchange research at Credit Agricole, said: "The appetite for buying the pound on dips remains in place."

This comes after sterling began yesterday steady against its US counterpart as markets predicted there is a 17 per cent chance the BoE governor Mervyn King will increase the interest rate today.

But Adrian Schmidt, currency strategist at Lloyds Banking Group, stated he is not confident of a base rise.

Posted by Greg SeckerADNFCR-1681-ID-800396899-ADNFCR