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8/2/2018, 1:57 PM (Source: TeleTrader)
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Pound drops against dollar, euro amid Carney speech

The British pound hit the lowest level since July 20 against the dollar as Bank of England Governor Mark Carney held a press conference following the bank's decision to hike interest rates by 0.25 basis points. Carney stated that the economic indicators in the UK have improved recently, thus making gradual rate rises appropriate.

Sterling fell 0.74% to hit a session-low and sell for $1.3029 at 1:54 pm CET. Meanwhile, the euro rose 0.36% against the UK currency to go for 0.8915 at 2:14 pm CET.

Markets in the UK were also affected by the BoE's decision as the FTSE 100 slid 1% at 1:55 pm CET. The mining sector suffered the largest losses as Antofagasta, Rio Tinto, Fresnillo, Glencore, Anglo American and BHP Billiton all tumbled over 3%.

Breaking the News / NP