Euro and Sterling Took Flight On Rate Hike
Thursday, August 3rd, 2006The EUR/USD and Cable (GBP/USD) headed north today, Thursday on interest rate hike that took many by surprise after the European Central Bank and Bank of England both raised interest rates by 0.25 percentage. This was a move to tighten up control on inflation. The Bank of England surprised the markets with a quarter-point rate hike, taking interest rates to 4.75 percent to slowdown accelerated growth. The Euro zone to 3.0 percent also.
