0901 GMT - Sterling remains vulnerable even after efforts from U.K. Treasury chief Rachel Reeves and the Bank of England to restore confidence in U.K. government bonds, ING's Chris Turner says in a note. Reeves announced measures for boosting growth Wednesday. The BOE unveiled Tuesday a new contingent facility to lend cash to non-bank financial institutions in the event of a gilt market dislocation. ING still expects fiscal consolidation in March and lower services inflation will cause the BOE to cut interest rates by 100 basis points this year. The bank expects sterling to fall to to $1.19 and the euro to rise to 0.85 pounds by year-end. GBP/USD and EUR/GBP trade flat at 1.2451 and 0.8371 respectively. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 04:01 ET (09:01 GMT)
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