# Pound tumbles after Bank of England slashes growth forecasts | The Independent | The Independent

> Sterling fell 0.45% against the dollar to $1.2874 and 0.13% against the euro after the Bank of England cut its 2019 growth forecast to 1.2%. The central bank put the chance of a recession in the second half of 2019 at about one in four. The MPC held rates at 0.75%.

- Date: 2019-02-07 · published 2019-02-07T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/60856-pound-tumbles-after-bank-of-england-slashes-growth-forecasts-the-independent
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A sharp fall in the pound raises the sterling cost of dollar-priced imports, which can soften UK feed demand and shift import pricing, though global grain prices are largely unaffected.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- independent.co.uk: https://www.independent.co.uk/news/business/news/pound-sterling-exchange-rates-bank-of-england-forecast-recession-economy-brexit-a8767701.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.