Sterling in forex trading
UK pound continues to struggle today as forex traders prepare for tomorrow?s expected BOE rate cut and increase in quantitative easing.
The Bank of England?s Monetary Policy Committee is expected to expand its asset purchase program in an effort to stimulate the economy. On top of that, there are expectations for a BOE rate cut. All of this is weighing on the pound, especially against low beta currencies like the US dollar and the Japanese yen.
Against the euro, sterling remains flat in currency trading. Euro is dealing with its own issues, including a possible rate cut, and worries about a recession in the eurozone. For now, high beta currencies are likely to struggle, since there are worries about what?s next in Europe.
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