Pound strengthens on Bank meeting minutes

The pound gained on both the dollar and the euro Wednesday after the minutes of the most recent meeting of the Bank of England’s Monetary Policy Committee showed that Bank officials considered a rate cut bigger than the 1.5 percent cut it made on 6 November.

The pound traded at 83.65p to the euro at around 11:30 a.m. in New York while at the same time it took $1.5041 to buy a pound.

Meanwhile, he euro was stronger versus the US dollar Wednesday on further signs that the US economy is in a recession on new data which showed US housing starts down again in October while consumer prices in the US were down by 1 percent last month.

In late morning trade in New York, the dollar traded at $1.2581 to the euro as it made back part of its losses to the shared currency, while the Japanese yen was stronger in relation to the greenback at ¥96.765 while the yen traded at ¥121.74 to the euro.

Story link: Pound strengthens on Bank meeting minutes