The Bank of England hiked its key rate by 25 basis points to 1.25 percent from 1 percent, as expected. Following the decision, the pound fell against its major counterparts.

The pound was trading at 1.2088 against the greenback, 161.01 against the yen, 1.1875 against the franc and 0.8603 against the euro around 7:04 am ET.

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