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Post by Deleted on Aug 14, 2008 12:08:11 GMT
Pound Falls Below 1.89 Level Against Dollar Following BoE 8/13/2008 6:14 AM ET TOP MARKET NEWS (RTTNews) - The pound fell below the 1.89 level against the dollar after the Bank of England's quarterly inflation report was at 5:30 am ET Wednesday. The pound also weakened to a new multi-month low against the yen and a new multi-week low against the franc. Against the euro, the pound dipped to a new multi-day low. The Bank of England signalled today that interest rates in the UK will remain on hold for the coming two years if it is to bring inflation back to target even though the economy will be teetering on the edge of recession.In its quarterly Inflation Report, the BoE said its central projection is for the annual CPI inflation rate to rise to 4.8 percent by the end of this year from the current 4.4 percent as food and energy costs continue to spiral. The pound is now worth 1.8815 against the dollar, its lowest point since October 2006. The pair was worth 1.8971 at Tuesday's close. Against the yen, the pound is currently trading at a new multi-month low of 204.96, compared to a high of 207.33 hit at 5:15 am ET. The pair closed yesterday's trading at 207.31. The pound is currently trading at a new multi-week low of 2.0457 against the franc and a new multi-day low of 0.7934 against the euro, compared to recent highs of 2.0674 and 0.7854, respectively. The euro-pound pair closed trading at 0.7868 and the pound-franc pair at 2.0627 on Tuesday. www.rttnews.com/Content/CurrencyMarket.aspx?Node=B3&id=683740How the hell can they say that? |
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