Pound, gold and oil prices in focus: commodity and currency check [Yahoo! Finance]
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Source: Yahoo! Finance
The value of the pound dropped sharply on Thursday following comments from Andrew Bailey, governor of the Bank of England , indicating that interest rate cuts could become more aggressive than previously anticipated. Sterling sank as much as 0.9% to dip below $1.32, hitting its lowest level in two weeks, after Bailey suggested that policymakers might adopt a more “activist” approach to reducing borrowing costs. The pound slid to $1.316 after his remarks, which were made in an interview with The Guardian . His comments come amid inflation running at 2.2% , slightly above the Bank of England's 2% target. GBP/USD (GBPUSD=X) Traders have now priced in a quarter-percentage-point rate cut in November, which would see the Bank lower its base rate from 5% to 4.75%. The market's reaction reflects a shift from Bailey's earlier stance, where he had suggested that rate cuts would be “gradual,” driving sterling to a recent high of $1.343. Today's fall means the pound has now lost all it
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