As expected, the Bank of England raised its key rate by 50 basis points to 3.50 percent from 3 percent. Following the decision, the pound fell against its major counterparts.

The pound was trading at 1.2306 against the greenback, 168.12 against the yen, 1.1425 against the franc and 0.8627 against the euro around 7:04 am ET.

Euro vs Sterling (FX:EURGBP)
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