Currency Note Sterling

Sterling slides against the euro, gains against the dollar

By Ricky Bean October 24th, 2013

Sterling had a mixed day continuing to lose ground against the euro but gaining against the US dollar. The minutes from the latest Bank of England meeting suggested the recent strength seen for the pound could hurt UK exports and, as expected, they revealed that all nine Monetary Policy Committee members voted to keep interest rates and the current levels of quantitative easing on hold. That being said, the inflation report did suggest that “unemployment would be low in the second half of 2013 than expected” and thus implicating that monetary policy may be tightened sooner than the central bank had initially suggested. This afternoon, the Governor of the BoE will be speaking and traders will look for further clues as to when the central bank’s monetary policy may change. Call now to see how sterling is performing today.