FILE PHOTO: Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger
Highlighting risks relating to rising COVID-19 cases, the unwinding of jobs protection schemes, and Brexit, the BoE said it was ready to take further action. Sterling fell sharply after these comments, losing as much as 0.6% of its value as it fell as low as $1.2883 - a cent below where it had been before the statement.Gilt yields also fell, with the two-year yield down around 4.5 basis points on the day at 0.1%.“It is clear that they are examining and lining up the tools they can deploy including more quantitative easing and negative rates if the economy diverges from their central scenario,” said Kenneth Broux, a strategist at Societe Generale.
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