The Bank of England’s March minutes showed that policymakers are taking a wait-and-see approach regarding the effect of oil prices on the economy, causing sterling to slump.
The pound dropped 0.7 percent to $1.6246 as of 4:41 p.m. today in London, depreciating against all 16 of its major peers. It yesterday reached $1.6401, the strongest level since Jan. 19, 2010. Sterling slipped 0.2 percent to 86.91 pence per euro, after earlier touching 86.55, the strongest in a week.
Source: Bloomberg
