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Sterling dips after BOE's Broadbent says not ready to hike interest rates

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Sterling hit a two-week low against the US dollar and deepened a fall to its lowest in eight months against the euro on Wednesday after Bank of England deputy governor Ben Broadbent said he was not yet ready to raise interest rates.

[LONDON] Sterling hit a two-week low against the US dollar and deepened a fall to its lowest in eight months against the euro on Wednesday after Bank of England deputy governor Ben Broadbent said he was not yet ready to raise interest rates.

In an interview for local Scottish newspaper the Press and Journal, Mr Broadbent said that while there was reason to see the bank moving towards higher rates, there were "a lot of imponderables".

Sterling dipped around a quarter of a per cent to as low as US$1.2815 in response. It weakened similarly to 89.49 pence per euro, its lowest since Donald Trump's election as US President last November.

REUTERS

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