Sterling falls to three-week low as traders await BoE decision

The pound fell to a three-week low on Tuesday as investors digested economic data and looked towards an uncertain Bank of England interest rate decision on Thursday.

Sterling has risen around 6% this year as the BoE has hiked interest rates to deal with stubbornly high inflation, and as the dollar has slipped as U.S. price pressures have cooled.British inflation came in lower than expected at 7.9% in June.Meanwhile, the euro was up 0.24% against the pound at 85.86 pence.

"It seems as if markets are just taking a bit of risk off of the board ahead of key U.S. earnings and the Bank of England decision on Thursday, and Friday’s payrolls report, all of which pose credible risks of derailing the prevailing risk rally.

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