03/11/2017 – This Morning’s Exchange Rates
- Posted by currencies in Rate Alerts
- November 3, 2017
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The exchange rates are listed at the bottom of this article. Please note that the rates are for indication only. For live quotes please contact us via phone, email or SMS.
Sterling extended losses today, slipping to a one-month low against the dollar, as the Bank of England’s plans to take a “very gradual” approach to raising interest rates sent investors rushing to exit positions.
The central bank said it expected Thursday’s rate hike, the first in over a decade, would be followed by just two more quarter-point increases over the next three years. That led to the pound’s biggest one-day drop in almost five months.
Monthly data on Britain’s dominant services industry, was released 0930 GMT this morning. Last month’s services purchasing managers’ index (PMI) produced a better-than-expected result, showing the sector picking up to 53.6 in September, however this month came in at 55.6 beating the expectation of 53.3.
Sterling fell 0.1 percent to $1.3040 on Friday, its lowest since Oct. 6, extending losses from the previous session when the BoE decision sent the pound plummeting almost 2 U.S. cents in just three minutes.
It was trading flat against the euro on Friday, after suffering its worst one-day drop on Thursday against the single currency since a “flash crash” on Oct. 7, 2016.
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