The pound jumped against the dollar after the BoE cut hopes of cutting interest.

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The pound jumped against the dollar after the BoE cut hopes of cutting interest rates following the Fed.

Pound shot up against the dollar After Mr Andrew Bailey, the Governor of the Reserve Bank of England (BoE), extinguished the hopes of the financial markets about an emergency rate cut, according to the Federal Reserve (Fed).

At 19.03 hrs., According to Thai time, the pound strengthened by 0.41% to $ 1.292.

According to Bailey, BoE should wait until it is clear about the economic impact of the outbreak of the Covid-19 virus.

However, following a question from the Finance Commissioner in the British Parliament that Does he support interest rate cuts before the BoE monetary policy meeting on March 26, Mr Bailey said. "I think what we need right now is more evidence of the effects of the outbreak of the Covid-19 virus."

Previously, investors predicted that the BoE would cut interest rates by the Fed before the meeting on 26 March.

However, Mr Bailey said Immediate assistance should be given to companies affected by the Covid-19 virus.

Mr Bailey will take over BoE's governor's position on March 16.

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