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UK Economy

“Sterling drops on possibility of more monetary easing”

” LONDON, June 28 (Reuters) – Sterling fell broadly on
Tuesday, hitting a thirteen month low against a basket of
currencies as Bank of England policymakers kept alive the
possibility of more monetary easing while data showed lower
annual first quarter growth.

The pound touched a fresh five-month low against the dollar
of $1.5912 before running into reported demand from
sovereign names ahead of an options barrier at $1.5900, traders
said.

It also hit a near three-week low versus the euro — which
came close to the early June high of 89.76 pence, a break of
which would pave the way for a move above the key 90 pence level
— and a record low versus the safe-haven Swiss franc.

Data confirmed Britain’s economy grew a tepid 0.5 percent
quarter-on-quarter in the first quarter, while annual growth was
revised to 1.6 percent from 1.8 and the current account deficit
narrowed much less than forecast. ”

Original article

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