Sterling has been boosted this week by Theresa May becoming Britain's new prime minister. / AFP / Leon NEAL AND Daniel ROLAND
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Sterling slid off a two-week high Thursday and British share prices rose modestly on expectations that the Bank of England would ease monetary policy soon after it surprised many in the markets by leaving interest rates unchanged.Sterling forward interest rates, which had almost completely priced in a cut on Thursday, shifted briefly to remove any chance of rates going lower than 0.25 percent this year. Sterling soared to as high as $1.3480 after the BoE announcement, up more than 2 percent on the day and its strongest since June 30, having traded at $1.3210 beforehand. Sterling has been boosted this week by Theresa May becoming Britain's new prime minister, which somewhat eased the political uncertainty prevailing since its June 23 vote to leave the European Union, and had driven sterling to a 31-year low of $1.2798 last week.
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