Posts Tagged ‘Asset Purchase’

The sterling/euro price closed relatively unchanged yesterday as both the MPC and ECB held rates.

Posted by Forex News Resource on October 9th, 2009

Sterling was unable to build on Wednesday’s gains, as trading between the pair held steady following a relatively muted market response from the two interest rate statements.

  • Yesterday morning, the pair remained tightly range bound as investors held back from taking positions ahead of the rate statements from the two central banks.

Click to continue reading “The sterling/euro price closed relatively unchanged yesterday as both the MPC and ECB held rates.”

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Sterling posted gains vs the single currency, with the market forecasting no change in MPC policy

Posted by Forex News Resource on October 8th, 2009

Having hit a fresh six-month low against the single currency in early trading , the pound rebounded yesterday, to close up half a cent at 1.0864.

Click to continue reading “Sterling posted gains vs the single currency, with the market forecasting no change in MPC policy”

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Pound was supported yesterday by the MPC minutes but has resumed its slide so far today

Posted by Forex News Resource on September 24th, 2009

Sterling got a welcome reprieve from negative sentiment yesterday after BoE minutes revealed that there had been no discussion of cutting interest rates.

  • The pound rallied sharply after the minutes of the Bank of England’s September monetary policy committee meeting calmed fears over a possible extension of its quantitative easing programme.
  • The minutes showed a unanimous consensus to keep the Bank’s asset purchase plan at current levels and there was no discussion over a cut in the rate its pays on commercial bank deposits.
  • The tone of the meeting was more encouraging than had been priced into the market, stating that “ growth in the second half of the year is likely to be positive,” returning demand for the pound.
  • However, although the minutes did mention recent improvements in the economic and financial data, they did leave the door open to further policy loosening, which capped sterling’s rally.
  • In trading today, the pound has plummeted nearly a cent, hitting a low below the 1.10 mark as decling stocks and another statment from Mervyn King weigh heavily on the pound’s prospects.
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