Pound falls from 8 month high vs Euro

Friday 11th November 2011
Good morning. The Bank of England didn't announce any further Quantitative Easing yesterday, but Sterling still dropped against the dollar and has also fallen against the Euro as worries about the euro zone drove investors to shed exposure to riskier currencies. At 08:30am this morning rates are as follows:

• GBP/EUR 1.1668
• GBP/USD 1.5930
• GBP/AUD 1.5690
• GBP/NZD 2.0483
• GBP/CHF 1.4423
• GBP/CAD 1.6243
• GBP/ZAR 12.667
• GBP/JPY 123.25
• GBP/DKK 8.6828
• GBP/NOK 9.0384
• EUR/USD 1.3645

Bank of England leave interest rates and QE on hold

As expected yesterday the Bank of England left interest rates at a record low 0.5% and opted not to pump any more money into the economy through quantitative easing. Markets will now focus on next weeks inflation report which could reveal the extent of weak economic fundamentals in the UK, and this could mean more QE in December.

Pound falls vs Euro

Despite no further QE, the Pound has fallen against most currencies including the Euro. It's because of the problems in the Eurozone, and the uncertainty means investors have been shedding riskier currencies and heading for the safe haven US Dollar. This has pulled rates down slightly from the 8 month high seen yesterday.

Today's Data

Most markets are closed in the EU and US due to Armistice Day/Veteran's day. There are some inflation numbers from the UK.

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