Sterling swings as BoE confirms end of market support

📆 10/12/2022 2:01 PM
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The pound swung between gains and losses Wednesday after the Bank of England confirmed it will end its support for financial markets at the end of the week.

HONG KONG - The pound swung between gains and losses on Wednesday after the Bank of England confirmed it will end its support for financial markets at the end of the week.

Asian stocks and the pound started the day under pressure after the UK central bank on Tuesday warned markets it would end to a near two-week programme of support aimed at quelling volatility sparked by the government's debt-fuelled tax-cutting mini-budget. However, the mood changed again as the European day began after BoE officials said the Friday deadline remained.Equities in Asia also saw big moves, with markets ending mixed.

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