As expected, the Bank of England raised its key rate by 50 basis points to 4 percent from 3.50 percent. Following the decision, the pound recovered against its major counterparts.

The pound was trading at 1.2368 against the greenback, 158.17 against the yen, 1.1244 against the franc and 0.8896 against the euro around 7:04 am ET.

Euro vs Sterling (FX:EURGBP)
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