1117 GMT - Sterling could benefit as the Bank of England is likely to maintain a gradual pace of interest rate cuts in the near-term, Morgan Stanley analysts say in a note. The BOE cut rates by 25 basis points, but two members voted for a 50 bp reduction and the messaging centered on headwinds to growth, they say. The forecasts, however, embedded a fair degree of inflation persistence. Market pricing for BOE rates should remain elevated compared to peers in the near-term. The U.K. also looks less likely to be hit by trade tensions with the U.S. Morgan Stanley advises buying sterling versus the dollar with a target price of $1.2700 and stop loss of $1.23. Sterling rises 0.1% to $1.2445. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
February 07, 2025 06:17 ET (11:17 GMT)
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