Pound sinks most in a month after Bank of England stimulus

The pound turned sharply lower Thursday after the Bank of England cut interest rates for the first time in seven years and announced a fresh round of stimulus measures intended to mitigate the effect of the U.K’s decision to leave the European Union.

Sterling GBPUSD, +0.3052%  traded at $1.3112 late Thursday in New York, down from $1.3325 late Wednesday. Against the dollar, sterling marked its sharpest decline since July 5, in the days following the U.K. vote to exit the EU, which roiled global markets and sent the pound spiraling lower.

Against the euro GBPEUR, +0.1868% the U.K. currency slipped to €1.1786, down from €1.1951 late Wednesday.

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