Sterling benefited from a continuing weak dollar yesterday as cable tried to test the $2.00 level again. The pound gained nearly 2 cents against the greenback, but fell against the euro, getting forever dangerously close to the €1.30 level. Figures yesterday showed that prices in the British service sector rose to a record high in February. Activity in the sector rose for a third consecutive month from 52.5 in January to a five month high of 54 in February. Looking towards today, The Bank of England should keep rates on hold to quell persistent inflationary pressures, despite mounting evidence that an economic slowdown is taking hold, according to the Times MPC.
Bank of England rate Decision expected to remain unchanged at 5.25%
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