Pound Defies U.K.’s Economic Gloom as BOE Steals the Limelight
- Sterling shrugs off report showing weak GDP data for July
- Bailey has said minimum criteria for tightening has been met
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For pound traders, the Bank of England’s renewed hawkishness is outweighing any bad news emerging from the U.K. economy.
Sterling shrugged off the announcement that the country’s economic rebound ground to a halt in July, with the currency rising 0.3% to $1.3874 as of 11:22 a.m. London time.