August 2, 2018 / 11:12 AM / in 3 months

Sterling rises after Bank of England hikes interest rates

LONDON (Reuters) - Sterling rose modestly on Thursday after the Bank of England hiked interest rates above their financial crisis lows but signalled it was in no hurry to tighten policy further with an uncertain Brexit on the horizon.

British Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

The pound trimmed losses, rising to $1.3129 from $1.3081 before the decision, settling down 0.1 percent on the day.. Against the euro the pound rose to a 12-day high of 88.62 pence from a flat level before the rate rise was announced.

British government yields rose initially after the BoE decision but soon eased back to their previous levels. The 10-year gilt yield last stood at 1.372 percent, unchanged from its level before the decision and down around half a basis point on the day.

Reporting by Tom Finn; Editing by Tommy Wilkes

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