UK interest rates cut; Eurozone rates steady

In separate decisions on Thursday, the European Central Bank held interest rates at 4 percent while the Bank of England cut rates by a quarter of a percentage point to 5 percent.

After the decisions were announced the euro gained on the US dollar but it fell in relation to the pound.

In late morning trade in New York, the euro traded at $1.5769 to the greenback while the pound was at 79.78p to the euro.

Earlier, the euro touched a new high versus the dollar at $1.5912 to the euro.

The yen was stronger as investors remained wary of carry trades, trading at ¥101.3650 to the US dollar, at ¥159.8474 to the euro, and at ¥200.3582 to the pound by late morning in New York.

Story link: UK interest rates cut; Eurozone rates steady