1403 GMT - Sterling's appreciation potential against the dollar looks limited after the Bank of England's latest policy decision, J.P. Morgan Private Bank strategist Matthew Landon says in a note. The BOE cut rates by 25 basis points to 4.5% Thursday but two of the nine members preferred a 50 basis-point reduction. The vote probably reflects concerns over a weaker growth outlook, Landon says. The market is now pricing the most rate cuts for this year since November's U.S. presidential election, he says. Given how weak growth is, greater policy divergence with the Federal Reserve seems justified. This will "likely keep a ceiling on how far the pound can appreciate against the dollar over the near-term." Sterling falls 0.9% to $1.2382. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

February 06, 2025 09:03 ET (14:03 GMT)

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