Pound hits a six-month low

Thursday 11 February 1999 19:02 EST

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THE POUND hit a six-month low against the dollar yesterday amid renewed speculation about interest-rate cuts. Sterling fell to $1.6188, its lowest level since mid-August, before clawing back ground to close at $1.625.

Analysts said growth expectations were driving the pound down against the dollar.

Wednesday's downbeat Bank of England Inflation Report paved the way for further reductions in UK interest rates, according to economists. Sean Callow at IDEA, the economic forecasters, said: "We take the report as leaving open the prospect for further easing [in UK rates]. That's negative for sterling".

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