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LONDON: Sterling fell to its weakest in more than two weeks against the dollar on Thursday before a Bank of England meeting on caution about the possibility of negative rates, although most analysts do not expect them to be introduced anytime soon.

Money market pricing shows the likelihood of negative rates being introduced as late as August 2021. The BoE is expected to keep its benchmark interest rate on hold at 0.1% at 1200 GMT and refrain from a further increase in its bond-buying programme, which has doubled over the past year to nearly 900 billion pounds ($1.23 trillion).

Governor Andrew Bailey has said progress on COVID-19 vaccines - which have been rolled out in Britain faster than in the rest of Europe - was "outstandingly good news" and he predicted a pronounced economic recovery.

Sterling fell half a percent against the dollar, dropping below the $1.36 mark to $1.3575, its lowest in two and half weeks.

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