LONDON, Dec 16 Reuters The pound fell on Friday against the euro and the U.S. dollar, setting it on track for its biggest weekly declines against the two currencies since early November after a raft of central bank interest rate hikes.

The Bank of England BoE delivered an expected halfpercentagepoint increase in interest rates on Thursday, its ninth in a row. But while the BoE was taking the view that inflation has now peaked, other central banks flagged they are far from finished with rate hikes.

The European Central Bank ECB raised interest rates and signalled more will follow. The U.S. Federal Reserve on Wednesday also increased interest rates by a half percentage point and said it will deliver more rate hikes next year.

The BoE has struggled to support the pound with rate hikes this year, said Jane Foley, head of FX Strategy at Rabobank London.

Although this weeks meeting did not contain fresh quarterly economic forecasts, the recessionary backdrop painted by the Bank remains dour. At the same time, the Banks message this week was far less hawkish than that provided by the ECB.

Sterling fell 0.2 to 1.2160 against the dollar, after briefly touching a nineday low against the U.S. currency.

Versus the euro , the pound exchanged hands at 87.39 pence, 0.2 lower on the day, after falling as much as 0.5 earlier to a onemonth low of 87.70 pence.

In a busy week for central bank decisions, the Swiss National Bank SNB and Norway39;s central bank also hiked rates on…