LONDON, Oct 7 — Sterling steadied versus the dollar and euro today with the prospects of a Bank of England rate hike reduced downside potential for the currency, analysts said.
The British currency was flat versus the dollar at US$1.3584 at 0838 GMT, after marching on Wednesday towards a December 2020 low touched last week amid a sharp rise in energy prices. But analysts said in separate notes to clients that the prospect of interest rate hike in Britain was what was preventing the pound from sliding further.
The pound edged 0.1 per cent lower versus the euro to 85.16 pence, after jumping to a mid-August high of 84.95 pence in the previous session.
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