Pound Touches Two-Week Low as BOE Leaves Monetary Policy on Hold

The pound dropped to a two-week low after the Bank of England voted 9-0 to keep monetary policy unchanged.Sterling weakened versus most of its 16 major peers. The U.K. currency climbed 2.2 percent against the dollar in November, posting its first monthly gain since April. Still, the pound has slumped 16 percent since Britain voted in June to leave the European Union, making it the Group-of-10’s worst-performing currency this year. In its last policy decision of 2016, the Monetary Policy Committee said sterling’s recent recovery could mean “less of an overshoot” above its 2 percent inflation goal than previously predicted.

Nigeria Inflation Climbs for 13th Consecutive Month in November

Nigerian inflation accelerated for the 13th consecutive month in November, even as the central bank left its main lending rate at a record-high to balance price pressures with supporting a slumping economy.

The inflation rate in West Africa’s biggest economy climbed to 18.5 percent from 18.3 percent in October, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Thursday. Prices increased 0.78 percent in the month. The median estimate of 10 economists surveyed by Bloomberg was for inflation to accelerate to 18.6 percent, a level last hit 11 years ago.