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Pound falls to 5 week low ahead of BOE decision.

Sterling weakened to a five-week low against the US Dollar on Thursday, before Bank of England Governor Mark Carney’s first policy decision.

The Pound also fell against all but one of its 16 major counterparts.

Meanwhile, the UK central bank is expected release a statement, a move that typically represents a change in policy.

However, according to a survey of Economists, the nine-member Monetary Policy Committee will keep its quantitative easing target and the benchmark interest rate unchanged.

Therefore, Senior Currency Strategist Paul Robson believes that the statement will break tradition, “We’re not expecting Sterling to react poorly to the fact that we get a statement. The data point to the economy growing, so it’s quite hard for them to justify anything too dovish at this point”.

The Pound fell 0.2% to $1.5249 this morning, after it dropped to $1.5130 yesterday, the lowest since May 30.

At the time of writing, £1 buys $1.525. If you wish to have a more detailed currency outlook or to find out how economic and political news could affect your currency transfers, speak to a deVere FX Manager today.