GBP Falls Following BOE Minutes

The Bank of England’s March minutes showed that policymakers are taking a wait-and-see approach regarding the effect of oil prices on the economy, causing sterling to slump.

The pound dropped 0.7 percent to $1.6246 as of 4:41 p.m. today in London, depreciating against all 16 of its major peers. It yesterday reached $1.6401, the strongest level since Jan. 19, 2010. Sterling slipped 0.2 percent to 86.91 pence per euro, after earlier touching 86.55, the strongest in a week.

Source: Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza