The pound is slipping

The
British pound slipped after the Bank of England held rates.

The currency is down by 0.3% at 1.3193 against the dollar as of 7:39 a.m. ET.

Earlier, the BOE kept its benchmark interest rate at a record low of 0.25%, as was expected.

Governor Mark Carney and the other eight members of the committee decided that taking Britain’s interest rate closer to zero is not the best course of action to mitigate the economic risks posed by the UK’s decision to leave the EU.

As for the rest of the world, here’s the scoreboard as 7:34 a.m. ET:

  • The euro is little changed at 1.1242 against the dollar
  • The US dollar index is little changed at 95.36 ahead of a heavy day for data. Empire Manufacturing, initial jobless claims, Philly Fed, PPI, and retail sales are all due out at 8:30 a.m. ET before industrial production and business inventories are released at 9:15 a.m. ET and 10 a.m.
  • The Australian dollar is little changed at .7472 per dollar after Australia’s jobs report missed big. The economy lost a seasonally adjusted 3,900 jobs (versus expectations for an increase of 15,000) in August as the unemployment rate dipped to 5.6%.
  • The Swiss franc is little changed at .9730 per dollar after the central bank held its target range for three-month Libor at -1.25% to -0.25%, as expected. “The Swiss franc is still significantly overvalued,” the SNB added in a statement.
  • The Japanese yen is up 0.2% at 102.24 per dollar.
  • The Russian ruble is little changed at 65.1277 per dollar.

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