FX Markets

Bank of England Shocks Market With Rate Cut

MARKET NEWS

LONDON -- The Bank of England (BoE) surprised markets last week with a quarter-point cut in interest rates, in spite of a booming housing market and strong consumer spending.

A statement issued after the decision said the bank made the move in response to external factors, which may become a threat to domestic demand.

Equity and gilt markets reacted quickly to the decision, although sterling suffered little selling in the wake of the announcement.

UK manufacturing leaders welcomed the move, but

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