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Pound’s advances against euro erased on BoE minutes

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Pound’s advances against euro erased on BoE minutes

The Bank of England’s minutes of its July policy meeting showed a unanimous vote to keep interest rates unchanged, erasing the pound’s advances that had sent it to the strongest level in 23 months against the euro.

The pound traded at 78.85 pence per euro during morning trading in London after appreciating as much as 0.2% to 78.74 pence, the strongest level since August 2012. Sterling was at $1.7074 after rising to $1.7192 on July 15, the highest since October 2008.

Sterling was little changed versus the dollar after a five-day drop as the minutes showed some official argued risks were receding that a rate increase would undermine the recovery while others saw little indication of inflationary pressures building.

According to the minutes, officials said the outlook for the housing market may be slightly less strong.

UK government bonds were little changed before BOE Governor Mark Carney speaks in Glasgow, Scotland, today. Forward contracts based on the sterling overnight interbank average, or Sonia, show investors are betting UK borrowing costs will increase 25 basis points by February.

The 10-year gilt yield was at 2.58%.

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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.