BoE rate cut boosts sterling

- FX Markets Comment
- 09 Feb 2009

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LONDON - Sterling staged a rally after the Bank of England (BoE) slashed interest rates by 50 basis points last Thursday (February 5) to 1%, the lowest level in its 315-year history.

The measure of the cut, although largely expected by the market, was rewarded as the pound gained to 1.1457 against the euro and to 1.4741 versus the US dollar.

"Sterling gained on both the euro and dollar on the back of the BoE decision in a show of confidence by markets. The Bank of England's proactive cuts come

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