Sterling weaker on MPC minutes

Sterling weakened against the US dollar Wednesday, dropping 0.2 percent to $1.9922 after the minutes of the most recent Bank of England meeting showed that the Bank’s Monetary Policy Committee voted unanimously to hold rates at 5.75 percent earlier this month.

In addition, the pound dropped 0.4 percent to ¥233.44 against the yen.

The Japanese yen strengthened against other currencies as well as investors continue to stay away from risky carry trades, doing especially well in relation to the Australian and New Zealand dollars as it added 1.3 percent to ¥96.74 and 1.5 percent to ¥84.04 respectively.

The euro and US dollar also declined in relation to the yen as the US dollar fell 0.3 percent to ¥117.21 while the euro was 0.8 percent lower to ¥157.89.

The euro, meanwhile, declined 0.3 percent in relation to the greenback to $1.3490 and the Swiss franc fell 0.2 percent at SFr1,2133 against the dollar.

Story link: Sterling weaker on MPC minutes