The pound slumps as the BoE doubles interest rates

Today the pound has plummeted against all major world currencies as the Bank of England’s monetary policy committee has voted to double exchange rates from 0.25% to 0.5%

Charts show how sterling fell from being worth €1.14 at 3am to €1.12 at midday today as financial markets reacted.

And £1 fell from $1.32.8 to $1.31 over the same time period.

The pound was also down against many other major currencies including the Canadian and Australian dollars, the Japanese yen and the Chinese yuan.

It comes after policymakers on the nine-strong monetary policy committee (MPC) voted 7–2 in favor of the quarter point rise, which marks the first rates increase since July 2007.

Here are some further market updates…

It seems that yet more uncertainty has now been created, this brings both risk and potential opportunities for traders and investors.

Having an edge on the market is therefore crucial during this volatile time.

Trading.co.uk is on hand to help both mitigate risk and spot these possible opportunities. Our AI is designed to alert you to breaking news surrounding your investment interests, saving you time scrolling through the millions of news articles published each day.

Best of all, it’s FREE to use!

Author- Becki Leighton from Trading.co.uk

*Quotes taken from the Bloomberg

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