Forex: EUR/GBP reacts down after BoE decision to daily lows

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Published: Thu, 05 Nov 2009 13:21:00 +0100

Forex: EUR/GBP reacts down after BoE decision to daily lows

FXstreet.com (Barcelona) ? The Sterling is rising across the board after the BoE decision to hold unchanged its interest rate but to increase its QE plan to 200B from 175B. The EUR/GBP has reacted down on that decision with the pair collapsing around 60 pips in the minutes following the BoE statement from 0.8995 to hit fresh intra-day low at 0.8935.

Currently the pair is trading around 0.8940/50, losing its previous gains and posting 0.30% daily loses from today's opening price action at 0.8975.

The BoE has left Bank Rate on hold at 0.5%, while announced its decision to extend its quantitative easing program to GBP200 billion from previous GBP 175 billion.

By Fxstreet.com

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