Forex

Sterling extends gains to five-month high after BoE decisions

2020-08-06 08:32:28 GMT (Economies.com)

Sterling rose in European trade on Thursday for another session against dollar, marking five-month highs after Bank of England's policy decisions. 

 

GBP/USD rose 0.5% to 1.3183, the highest since March, and after closing up 0.3% yesterday, the first profit in four days. 

 

Sterling rose 5.5% in July, the second monthly profit in a row and the largest since May 2009. 

 

The largest profit in 11 years came as the greenback tumbled and demand rose on higher risk currencies. 

 

The dollar index fell 0.2% on Thursday on track for the third loss, marking 27-month lows at 92.52. 

 

The disappointing US payrolls data in July dented dollar's appeal and hurt prospects for US economy. 

 

Otherwise, Bank of England voted on Thursday to maintain rates at 0.10%, and the assets purchase program at 745 billion pound. 

 

The bank expanded its program by 100 billion pounds a month at the last meeting to counter Covid 19 and EU uncertainty. 

 

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