Market News
Sterling hits 17-year high against yen as traders overlook rate divergence - REUTERS
Summary
- Sterling steady against euro, dollar after BoE rate cut
- BoJ rate hike prompts yen sell-off, boosting pound
- BoE's cautious stance on further rate cuts amid high inflation
LONDON, Dec 19 (Reuters) - The pound held steady against the euro and the dollar on Friday, after the Bank of England delivered an expected rate cut, while hitting its highest since 2008 against the yen, hit by profit-taking following a well-telegraphed Bank of Japan rate increase.
Sterling was mostly flat against the dollar at $1.3378, while the euro was marginally lower at 87.55 pence. However, the pound jumped almost 0.8% on the day against the yen to a high of 209.75, its highest since August 2008, as traders took profit on the positions they had laid on in the run-up to the BOJ's decision to
