World Economy

UK Currency at 17-Month Low

UK Currency at 17-Month LowUK Currency at 17-Month Low

Sterling showed some strength during early trades of Wednesday helped by the overall dollar weakness, but with the Bank of England minutes due on the hour, the UK currency stood not far away from the 17-month low it touched earlier this month, IBT reported. At 8:00 GMT, GBP/USD was at 1.5160, off day’s high of 1.5180 but higher than the previous close of 1.5154. The pair had traded at a low of 1.5034 on 8 January, its lowest since July 2013. The BoE had left the benchmark interest rate steady at 0.5% and kept the asset purchase target at £375b ($568.9b) at the January 7-8 meeting.