The Great Britain pound dropped versus the US dollar today, but remained relatively firm against the Japanese yen after the Bank of England concluded its policy meeting, leaving interest rates and asset purchases unchanged.
The BoE kept the main interest rate at 0.5 percent and the asset purchase program at £375 billion at today’s meeting. The bank did not comment on the decision, making some analysts think that policy makers are considering tightening policy in the future as the economy recovers. Yet interest rate hike is not likely to happen anytime soon, therefore the sterling was weak versus the greenback. The UK was able to retain gains against the yen, which was somewhat soft after Japan’s central bank also kept its accommodative policy.
GBP/USD dropped from 1.5623 to 1.5589 as of 14:54 GMT today after rising to 1.5666 previously. GBP/JPY was at 155.95 after advancing from 155.80 to 156.41 — the highest since May 21.
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