British Pound Down on BOE Unexpected Comments
The British pound went down versus most of the 16 main traded currencies this Wednesday after Bank of England officials affirmed that a weaker pound can boost the economic recovery in the nation, shunning traders from pound priced assets.
After Bank of England posted statements indicating that the inflation will remain below the 2 percent target for an extended period and Mervyn King affirmed that a weak pound can help the British economy to escape from the worst recession in its modern story, the pound declined consistently versus most of its rivals on
GBP/USD traded at 1.6554 as of 18:01 GMT from a previous rate of 1.6737 yesterday.
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Earlier News About the Great Britain Pound:
- Pound Declines on Pessimistic Credit Rating (2009-11-10)
- Pound Up as Asset Purchase Program Changes (2009-11-05)
- Pound Remains Weak on U.K. Banking Outlook (2009-11-04)
- Pound Extends Gains on Mortgage Approvals (2009-10-30)
- Pound Extends Gains on Retail Sales (2009-10-27)
