Pound Retains Gains as SNB Boosts Its Foreign Reserves Holdings
The Great Britain continued to rise today on speculations that the Bank of England will refrain from adding stimulus. The Swiss National Bank added to its holding of the sterling, further increasing the appeal of the currency.
The BoE policy makers voted unanimously for keeping monetary policy unchanged on the last meeting. Fundamental data, that has been received since then, do not suggest that the bank’s officials should change their stance during the next policy meeting on November 8. The SNB increased their pound reserves to 7 percent from 3 percent, while reducing significantly the proportion of euro reserves.
GBP/USD rose from 1.6069 to 1.6108 and GBP/JPY advanced from 127.96 to 128.74 as of 15:59 GMT today.
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Earlier News About the Great Britain Pound:
- UK Pound Gains against Euro as QE Expectations Fade (2012-10-26)
- Pound Gets Stronger on Hopes for Economic Growth in UK (2012-10-25)
- UK Pound Loses Ground on Growing Risk Aversion (2012-10-23)
- Pound Gains as Number of Business Insolvencies Decline (2012-10-23)
- Pound Falls Despite Good Fundamentals (2012-10-19)