Pound hits seven-year high against ailing euro

The pound has climbed to a seven-year high against the euro of €1.354, on the back of ongoing uncertainty in the eurozone and suggestions that the Bank of England is to signal that an interest rate rise could occur earlier than the summer of 2016, as has recently been forecast. Sterling also rose by almost half a cent against the dollar to $1.53, before falling back to $1.525. The Bank is expected to cut its inflation targets today because of the slump in oil prices and the subsequent cheaper petrol costs. Its quarterly Inflation Report is likely to show that the consumer prices index will go up by less than 0.5% this year, down from a forecast of 1.4% just three months ago.


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