The pound is under increasing pressure, as a growing number of Bank of England officials have now voiced their support for a rate cut. Sterling is down 0.37% against the Euro and 0.25% against the Dollar during early Monday trading, following this weekend’s publication of an interview with Gertjan Vlieghe, a member of the Bank of England’s Monetary Policy Committee, who signalled his support for a rate cut, unless the country’s economic data improves.
There may be further downside risk ahead for the pound later today, with the publication of GDP and industrial production figures, which, if negative, may further strengthen the case for a more accommodative monetary policy.
