Bank of England increasing further monetary easing

Published on in Foreign Exchange News by

The Euro saw the first good correction yesterday as profit taking continued and global stock markets weakened. However, Asian stock markets have opened firmer today and as a result the Euro is now trading a little higher having traded below €/$ 1.3030 last night as the USD is a tad weaker again against a basket of currencies.

All in all the picture remains the same with market traders preferring to sell into any USD rallies although there is still uncertainty across the Euro Zone to contend with. Most notably in Spain where it is becoming increasingly clear that behind the scenes there is controversy over potential bailout conditions. As was the case with previous countries joining the programme Madrid would like to keep the conditions to a minimum.

Sterling has held onto its gains against the Euro and USD and there is reported corporate selling interest for the Pound at $ 1.6300. This strength comes ahead of the Bank of England minutes from the last policy meeting due for release this morning, which may indicate policymakers’ views further monetary easing.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24170 1.24510
GBP/USD 1.62430 1.62430
GBP/CAD 1.58380 1.58250
GBP/NZD 1.96580 1.96280
GBP/AUD 1.55620 1.55510
GBP/AED 5.95850 5.96280
EUR/USD 1.30790 1.30440
GBP/CHF 1.50440 1.50750
GBP/ZAR 13.3435 13.4138
GBP/SEK 10.6875 10.6640
GBP/JPY 127.158 127.741
GBP/PLN 5.08510 5.12000
GBP/SGD 1.98530 1.99270
EUR/PLN 4.10340 4.11390
EUR/CHF 1.21600 1.21130
GBP/MAD 13.7981 13.8564
PLN/EUR 0.24370 0.24310
GBP/CZK 30.3674 30.8836
GBP/DKK 9.23870 9.27680
GBP/HKD 12.5713 12.5948
GBP/HUF 350.678 353.230
GBP/NOK 9.26020 9.29120
GBP/INR 87.6585 87.7710
GBP/THB 49.9634 50.1693

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