Sterling gains after BOE leaves monetary policy unchanged

October 10, 2013

The currency in focus during the European session was on the sterling because of the Bank of England policy announcement.

The British pound rose after the Bank of England kept its monetary policy unchanged as expected, leaving the key rate at a record low 0.5 percent and the asset purchase program at GBP 375 bln. 

The UK economy has shown signs of further recovery this month, which lessens the prospect of more asset purchases (This is good since bond buying tends to weaken the value of the currency).

GBPUSD rose to $1.5970 from an earlier low of $1.5916.

The Euro gained against the US dollar today as general risk sentient in the market was up on optimism that the US debt ceiling talks will progress after news that the two parties in Washington have agreed to get back to negotiations. 

It is hoped that a deal will be reached before the October 17 debt ceiling will be reached, and thus a resolution will help avert a default by the world’s largest economy.

The dollar gained against the yen and peaked at 97.88 yen in the European session today. As the US session came around, the USDJPY fell after some disappoint US jobless claims data, bring dollar back down to 97.59.

The number of Americans filing for unemployment claims leaped by 66,000 to 374,000 claims, the highest level in six months.

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