Pound falls to 14-month low against dollar

The pound fell to its lowest level against the dollar in 14 months Wednesday, pushed lower by the Bank of England’s decision to revise inflation projections downward. That in turn pushed investors’ expectations of an interest rate increase further into the future.

The pound GBPUSD, -0.03%  hit $1.5776 in afternoon trading, its lowest level since Sept. 11, 2013. It traded at $1.5914 late Tuesday.

The dollar traded flat against the euro and yen as investors awaited the release of important U.S. economic data later in the week. The euro EURUSD, +0.07%   traded at $1.2438, compared to $1.2466 Tuesday.

The dollar traded at 115.56 yen USDJPY, +0.25% compared to ¥115.72 Tuesday.

The ICE U.S. Dollar Index DXY, -0.03%  , a measure of the greenback’s strength against a basket of six currencies, was up 0.3% on the day to 87.8010.