Pound up as Bank of England play down further QE

The Pound is up across the board, as Bank policy maker Martin Weale says there is not much of a case for more quantitative easing. Earlier this month the Bank of England injected £50bn of extra purchasing into the economy, which tends to hurt exchange rates as sterling is effectively diluted.

There had been speculation that further QE would be used, but more positive economic data now seems to have put the QE agenda in the background.

Elsewhere weak European inflation also weakened the Euro. Overall, sterling is trading near recent highs against both the Euro and US Dollar, and rates for sending money to Switzerland, Australia and New Zealand are also up.