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12 Nov 2014
GBP/CHF reverses and tumbles below 1.5300
FXStreet (Córdoba) - GBP/CHF reversed sharply and fell more than 100 pips from daily highs and tumbled to 1.5263, reaching the lowest price in two weeks.
The pair jumped to 1.5409, highest price since last Friday, after employment data from the United Kingdom but then turned to the downside as the pound plummeted across the board weakened by the release of the Bank of England Quarterly Inflation report.
The central bank cut it forecasts for growth and inflation while the Governor, M. Carney said that a rate rise will take place “when it’s appropriate”. After the report, market expectations of the first rate hike in years move from June to September 2015.
Cable lost all gains and retreated across the board. Among European currencies the Swiss franc is so far the best performer on Wednesday, trading at weekly highs versus the pound and near 2-year highs against the euro.
The pair jumped to 1.5409, highest price since last Friday, after employment data from the United Kingdom but then turned to the downside as the pound plummeted across the board weakened by the release of the Bank of England Quarterly Inflation report.
The central bank cut it forecasts for growth and inflation while the Governor, M. Carney said that a rate rise will take place “when it’s appropriate”. After the report, market expectations of the first rate hike in years move from June to September 2015.
Cable lost all gains and retreated across the board. Among European currencies the Swiss franc is so far the best performer on Wednesday, trading at weekly highs versus the pound and near 2-year highs against the euro.