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Sterling falls after BOE revised its forecasts.

News Date: 5/11/2015 09:47:59
Update Date: 5/11/2015 10:32:48

Sterling collapsed to a three-week low against dollar to 1.5231 after Bank of England indicated that near-zero inflation wouldn't pick up till deep into 2016, stretching out further in time bets on a rate hike. Sterling fell 1.18% against Euro to 0.7147. It fell to a one-week low against Yen to 185.36.


Dollar gave up its earlier gains after data showed unemployment claims rising to 276K, much higher than the 263K forecast. It fell 0.15% against Euro to 1.0880 after touching a 14-week high earlier. Dollar touched a ten-week high against Yen before easing back to 121.68.


European shares were mostly up on Thursday; with the pan-European index FTSEurofirst gaining 0.08%. Germany's DAX rose 72 points, or 0.65% to 10,914. France's CAC rose 43 points, or 0.89% to 4,992. Britain's FTSE fell however, pulled down by touristy companies affected by Egypt's security problems. It was last down 16 points, or 0.25% to 6,397.


Wall Street opened slightly higher, with Dow Jones up ten points, or 0.06% to 17,878. NASDAQ gained 4 points, or 0.08% to 5,145. S&P 500 rose a point, or 0.05% to 2,103.


Crude prices fell, with Brent futures for December down 12 cents, or 0.26% to $48.46 a barrel. U.S. crude futures fell 33 cents, or 0.71% to $46 a barrel.


Australian dollar erased its losses and rose 0.20% to $0.7160. Canadian dollar was down, affected by the fall in oil prices. It last stood at C$1.3171, down 0.17% for the day.


Gold futures inched up a dollar, or 0.07% to $1,107 an ounce. Silver futures fell 10 cents, or 0.72% to $14.95 an ounce.


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