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By: Barbara Zigah Unexpectedly weak data from the U.K.’s manufacturing sector pushes back the likelihood of an interest rate hike sending the Pound Sterling broadly lower in Asian trading. As reported at 2:34 p.m. (JST) in Tokyo, the Pound Sterling traded lower against the safe haven Swiss Franc at 1.4180, a decline of 1.5%. Against the U.S. Dollar, the Pound posted its largest single day drop in more than three months, falling to $1.4646 before rebounding to $1.6480. The Bank of England’s monetary policy committee meets tomorrow, with the discussion likely revolving around an interest rate hike; most analysts agree that an increase is not in the works at this time.

The European Central Bank, on the other hand, is expected by some to signal the next interest rate hike at its rate setting meeting scheduled for tomorrow. Some analysts point out, however, that recent comments from ECB officials suggest that the central bank would prefer to take a wait-and-see stance, fearful that a hike could do more harm to fiscally troubled peripheral states. The Euro was trading against the U.S. Dollar at $1.4826, only slightly off the $1.4902 17-month peak struck on Monday. Since February, the Euro has gained nearly 11% on the greenback, with divergent rate expectations from the respective central banks underpinning sentiment.

http://www.dailyforex.com/forex-news/2011/05/Pound-Sterling-Drops-as-Interest-Rate-Hike-Expectations-Fade/7821

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