Pound rises after BoE holds rate steady and rules out quick cuts

The pound rose and UK government bond yields recovered some ground on Thursday after the Bank of England held interest rates at a 15-year high. It was trading around 0.35% higher before the BoE decision at $1.2193.

The pound rose and UK government bond yields recovered some ground on Thursday after the Bank of England held interest rates at a 15-year high. The Bank

kept borrowing costs unchanged at 5.25% but stressed it did not intend to cut rates any time soon.

Sterling was last up 0.44% at $1.2204. It was trading around 0.35% higher before the BoE decision at $1.2193. The yield on the benchmark 10-year UK bond, also known as a Gilt, was last down 11 basis points (bps) on the day at 4.393%. It traded at around 4.387% earlier on.

Britain's FTSE 100 stock index was last up 1.06%, having traded 1.23% higher before the BoE decision.