Pound Hits Two-Week Low as Bailey Opens Door to More Rate Cuts [Yahoo! Finance]
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Source: Yahoo! Finance
(Bloomberg) -- The pound slid to its lowest in two weeks versus the dollar following dovish comments by Bank of England Governor Andrew Bailey. Most Read from 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
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