Sterling extends gains vs dollar ahead of BoE meeting

Sterling extends gains vs dollar ahead of BoE meeting

26 Mar 2020 04:51 PM
 

Sterling extended gains against the dollar on Thursday, before an expected show of support for the British economy from the Bank of England and the government to limit the economic hit from the coronavirus outbreak.

 The BoE, which made two emergency rate cuts and ramped up its bond-buying programme this month, publishes its latest monetary policy statement. It is expected to hold fire on further action for now but stress it is ready to do more - probably by expanding its bond-buying even more - if needed to stop a coronavirus-related shutdown from plunging the country into a long recession.

 The pound edged up versus the greenback on Thursday after two previous days of gains and was last up 0.5% at $1.1928. Against the euro it fell 0.2% to 91.80 pence per euro.