Pound Hits Two-Week Low as Bailey Opens Door to More Rate Cuts [BNN Bloomberg (Canada)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
Sterling fell as much as 0.8% to $1.3169 to head for a third straight day of declines. Bailey said in an interview with the Guardian that he sees a chance of more aggressive interest-rate cuts provided that news on inflation continues to be good. On Wednesday, money markets almost fully priced in a quarter-point cut by the BOE in November while assigning a more than 40% probability to a consecutive reduction in December. Later this month, European Central Bank is also expected to slash its policy rate amid souring business surveys, easing price pressures and the reassurance offered by the Federal Reserve's pivot to easing. “The comments could erode the rate appeal of the pound which has easily been its main support,” said Valentin Marinov, head of Group-of-10 FX strategy at Credit Agricole in London. “The best days of the pound rally may be behind us. We further note that the pound is still looking overbought and slightly expensive versus the dollar and the euro.” Options senti
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