Pound Hit by Bank of England Quarterly Inflation Report

The Pound depreciated further today following the release of the Bank’s Quarterly Inflation Report as markets pushed back Bank of England interest rate hike expectations well into 2015. Whilst the Bank revised UK GDP growth forecasts up to 3.5%, they highlighted heightened uncertainty regarding slack in the economy, increased global geo-political risks and the weakness of UK wage growth.

The Pound is currently trading down 0.6% @ 1.6710 against the US Dollar and down 0.75% @ 1.2478 against the Euro.

GBPAUD 1.7937 | GBPCAD 1.8241 | GBPCHF 1.5143 | GBPEUR 1.2478 | GBPJPY 171.03 | GBPUSD 1.6710.

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