Sterling drops against most major currencies

Wednesday, 22 June 2011 12:33

Minutes of the Monetary Policy Committee meeting from the 8th and the 9th of June were announced minutes ago.  Bank Rate was decided it should be maintained at 0.5%.

Interest Rate votes were announced as predicted by economists at 2-0-7.  The vote is reported in the x-x-x format, as the first figure is how many many voted to increase rates; the second figure is how many voted for a rate reduction and third is how many voted to hold maintain rates.

A few minutes before the Meeting of Minutes report was released, the British Pound was seen to slide down slightly against most major currencies such as the U.S Dollar, Aussie Dollar, Euro and Swiss Franc.

At news point, the Sterling dropped sharply further more against the major currencies.  GBP/USD dropped from prior to the news 1.6203 to 1.6140.  EUR/GBP was trading at 0.8891 before the news was announced, and dropped drastically to 1.6915 ten minutes after Interest Rate announcement.  Swiss Franc strengthened against the Pound, from 1.3631 the pair dropped to below 1.3600 to 1.3599.  GBP/AUD went down from 1.5275 to 1.5233