Base rate cut 'has not stopped Sterling's rise'

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Base rate cut 'has not stopped Sterling's rise'

The Bank of England's decision to cut the base rate of interest by a further 0.5 per cent last week has not stopped the Sterling from strengthening, according to currency traders.

Marc Cogliatti, a currency strategist for HiFX, remarked that the pound has risen by nearly 12 per cent against the euro since the start of the year, despite the base rate being cut in January and earlier this month.

Before the January rate cut, one of Mr Cogliatti's colleagues predicted that the base rate could cause the pound to weaken against key currencies.

However, following the most recent cut, Mr Cogliatti claimed: "The Pound is still looking oversold and undervalued so we anticipate that the current correction will continue further before it runs out of steam."

FairFX, another currency trading website, issued a statement saying the pound had gained in value against the euro "despite the base rate cuts", which would be "good news for holidaymakers".

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