British pound plunges ahead of BOE minutes
The British pound plummeted on Monday as traders expected minutes from the Bank of England due this week. Last week, BOE Governor Mark Carney implied a decision on rates would surface as soon as November or February. Sterling dropped half a percent to 69.77 pence per euro. Against the US dollar, the currency traded at $1.5539. We believe there is not much room for rates to increase further. To make a case for rate hike “expectations from the current levels you need accelerating growth momentum,” said Manuel Oliveri, Currency Strategist at Credit Agricole. Investors, with no key data releases or policymakers' speeches Monday, are awaiting the minutes of the central bank's monetary policy committee.
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