FILE PHOTO: Sterling notes sit on a collection tray during a Good Friday Lent church service at the Eternal Sacred Order of Cherubim & Seraphim Church in London, Britain, March 30, 2018. REUTERS/Simon Dawson
LONDON - Sterling strengthened as the Bank of England kept interest rates on hold on Thursday, defying money markets which had been pricing a 50% chance of a rate cut to boost the economy. Much of the gain in the pound came shortly before the BoE announcement. The currency then extended its run to as high as $1.3095Versus the euro the pound strengthened to as high as 84.215 pence EURGBP=D3 before trading at 84.38, up 0.2%.
Money markets slashed expectations for a rate cut in March and now see a 16% probability rates will be lowered from the current 0.75% at the next meeting. They had priced an 80% chance before the BoE announcement
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