{"id":96936,"date":"2020-03-02T09:30:38","date_gmt":"2020-03-02T14:30:38","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96936"},"modified":"2020-03-02T09:26:01","modified_gmt":"2020-03-02T14:26:01","slug":"102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\/","title":{"rendered":"GBP\/USD: Pound drops as BOE prepares \u201call necessary steps\u201d"},"content":{"rendered":"

The British pound<\/a> is down against the US dollar<\/a> on Monday afternoon after the Bank of England\u2019s Markey Carney hinted the UK central bank could lower interest rates<\/a> to support the UK economy during the coronavirus outbreak. Losses have been limited after similar clues were offered by the Fed\u2019s Jerome Powell in the United States on Friday.<\/p>\n

GBP\/USD<\/a> was lower by 41 pips (-0.33%) at 1.2778 with a daily price range of 1.2747 to 1.2851 as of 2pm GMT.<\/p>\n

GBP\/USD<\/a> fell again on Monday, dropping back below 1.28 and adding to the -1.16% loss last week.<\/p>\n

The pound – BOE working with HM Treasury and FCA to defend economic stability<\/h2>\n

The Bank of England Governor Mark Carney has said the BOE is working with HM Treasury and Financial Conduct authority (FCA) to ensure \u201call necessary steps are taken\u201d to defend economic stability. UK policymakers stepped up their response after plunging share prices wiped \u00a320 billion off the value of the UK stock market last week. The comments are being interpreted as increasing the likelihood of a cut to the UK benchmark interest rate at the March meeting of the Bank of England.<\/p>\n

Global markets have been in turmoil and looking for some hope from policymakers that they can ease the damage caused by the virus. On Monday economists at the Organisation of Economic Cooperation (OECD) offered their view on what the likely impacts of the coronavirus might be on the global economy. The OECD said global growth could be cut in half but so far have just lowered their global economic growth forecast to 2.4% from 2.9%.<\/p>\n

The dollar<\/h3>\n

Federal Reserve Chair Jay Powell issued a rare statement on Friday that said the bank would \u201cact as appropriate\u201d in response to the coronavirus. He has been followed by multiple other central bank heads, including Mark Carney at the Bank of England. The dollar came off its weekly highs in response to the Fed\u2019s statement but is regaining its composure since lower interest rates look likely in many counties, including the United Kingdom. Markets are now pricing in a 100% chance that the FOMC cuts interest rates at the March meeting, up from 11% a week ago.<\/p>\n

\n

Currencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The British pound is down against the US dollar on Monday afternoon after the Bank of England\u2019s Markey Carney hinted the UK central bank could lower interest rates to support the UK economy during the coronavirus outbreak. Losses have been limited after similar clues were offered by the Fed\u2019s Jerome Powell in the United States […]<\/p>\n","protected":false},"author":163946598,"featured_media":5645,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1439,2139,2439,1394,1888,2440,1614,1398],"class_list":{"0":"post-96936","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-boe","10":"tag-coronavirus","11":"tag-fca","12":"tag-gbp","13":"tag-gbp-usd","14":"tag-hm-treasury","15":"tag-interest-rate","16":"tag-usd"},"acf":[],"yoast_head":"\nGBP\/USD: Pound drops as BOE prepares \u201call necessary steps\u201d - Currency Live<\/title>\n<meta name=\"description\" content=\"The British pound is down against the US dollar on Monday afternoon after the Bank of England\u2019s Markey Carney hinted the UK central bank could lower interest rates\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/USD: Pound drops as BOE prepares \u201call necessary steps\u201d\",\"datePublished\":\"2020-03-02T14:30:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/\"},\"wordCount\":617,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100662-gbp-usd-no-surprise-us-fed.jpg\",\"keywords\":[\"boe\",\"coronavirus\",\"FCA\",\"gbp\",\"gbp\\\/usd\",\"HM Treasury\",\"interest rate\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102555-gbp-usd-pound-drops-as-boe-prepares-all-necessary-steps\\\/\",\"name\":\"GBP\\\/USD: Pound drops as BOE prepares \u201call necessary steps\u201d - 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