London - The pound headed for its first weekly decline since the beginning of April, as a combination of weaker-than-expected economic data and doubts on the Bank of England’s (BoE) ability to lift interest rates weighed on the currency.
Sterling fell on Friday, moving further away from the $1.30 mark which it came very close to earlier in the week, when there was talk that more than one Monetary Policy Committee member could vote for a hawkish dissent.
The 7-1 vote on Thursday to keep rates on hold disappointed sterling bulls. The BOE’s comments that it could hike rates faster than markets expected if the Brexit process proceeded smoothly also failed to convince traders.
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