Bank Minutes Boost Pound

28 July, 2011


A little more cheer for the Pound today – which has now gained 3% against the Euro and 6% against the US Dollar in the last week. The Bank of England revealed this morning that they voted unanimously for a pause in quantitative easing this month – easing fears that more money would need to be pumped into the economy in November.

The mid-market rates for Euros and Dollars are now above €1.10 and $1.65 respectively, although the outlook is still poor – the UK’s debt and fiscal position are likely to stifle any recovery for GBP which remains vulnerable to bad news.