Pound at 4-month low vs. euro ahead of policy updates

EPA-EFE/SHAHZAIB AKBER

The British pound extended losses against the euro on Thursday, reaching its lowest value since September 29 ahead of the policy updates from the Bank of England and the European Central Bank scheduled for later today.

While both central banks are expected to increase their benchmark rates by 50 basis points, markets are seeing the Bank of England's hike having a larger impact on the country's national currency. Per the International Monetary Fund, the United Kingdom's economy will be the only among the G7 nations to enter recession this year.

At 11:21 am CET, the pound declined by 0.37% against the euro to sell for 1.1222, while at the same time, it fell by 0.31% against the dollar to trade at 1.2336.

Baha Breaking News (BBN) / ND