Investing.com – The pound was down against the euro on Thursday, tumbling to a 6-month low after the Bank of England's monetary policy committee minutes showed a three-way split with one vote for more monetary easing.
EUR/GBP hit 0.8902 during European morning trade, the pair’s highest since April 1; the pair subsequently consolidated at 0.8878, surging 0.74%.
The pair was likely to find support at 0.8736, Wednesday’s low and resistance at 0.8944, the high of March 31.
The BoE’s monetary policy committee minutes, published Wednesday, showed a three-way split among members at its most recent meeting in early October. Member Andrew Sentance voted for monetary tightening while Adam Posen voted for more quantitative easing and the rest of the committee maintained their view to leave policy unchanged.
Earlier in the day, BoE chief economist Spencer Dale said uncertainty over inflation and the speed of the economic recovery means policymakers must alter their views as circumstances change.
The pound was also down against the U.S. dollar with GBP/USD shedding 0.31% to hit 1.5799.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in September.
EUR/GBP hit 0.8902 during European morning trade, the pair’s highest since April 1; the pair subsequently consolidated at 0.8878, surging 0.74%.
The pair was likely to find support at 0.8736, Wednesday’s low and resistance at 0.8944, the high of March 31.
The BoE’s monetary policy committee minutes, published Wednesday, showed a three-way split among members at its most recent meeting in early October. Member Andrew Sentance voted for monetary tightening while Adam Posen voted for more quantitative easing and the rest of the committee maintained their view to leave policy unchanged.
Earlier in the day, BoE chief economist Spencer Dale said uncertainty over inflation and the speed of the economic recovery means policymakers must alter their views as circumstances change.
The pound was also down against the U.S. dollar with GBP/USD shedding 0.31% to hit 1.5799.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in September.