Pound Drops As Bank Of England's Rate-hike Prospects Fall

The pound fell Thursday after the Bank of England said inflation will likely remain lower than it previously expected. The view points to the central bank holding off on raising interest rates in the near-term. Sterling fell to $1.5279 from $1.5390 after the quarterly inflation report as well as the bank's monetary policy decision. The pound late Wednesday bought $1.5382. The Bank of England on Thursday left its lending rate at a record low of 0.5%, as expected.