Traders Add to BOE Rate Cut Bets on Dovish Bailey Comments [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
(Bloomberg) -- Traders added to bets on interest-rate cuts from the Bank of England and the pound slid to its lowest in two weeks following dovish comments from Governor Andrew Bailey. Most Read from Bloomberg Money markets fully priced a quarter-point cut by the BOE in November while assigning a 70% probability to a consecutive reduction in December — from about 40% on Wednesday. Sterling fell as much as 0.8% to $1.3166 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. Traders have been reluctant to add to BOE easing bets even as they priced in more cuts in the euro area and the US, as UK policymakers have emphasized they would ease policy gradually. “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 L
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