The dollar lost ground against the euro and the sterling, relinquishing its gain from the previous session to fall to 1.4071 and 1.6379, respectively. The data released earlier included weekly jobless claims, wholesale sales and wholesale inventories. Weekly jobless claims improved to 565k, down from 614k a week earlier. The May wholesale inventories declined by less than estimated at -0.8% and improving from the April reading of -1.4%.
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Pound Bounces on BoEThe British pound rallied sharply in London trading, prompted by the results of the Bank of England’s monetary policy decision and sending cable above the 1.63-level. The BoE left interest rates unchanged at 0.5% and announced that it would maintain its current asset purchase plan at 125 billion pounds. The Bank said it would “review the scale of the program again at its August meeting, alongside its latest inflation projections”. This article contains the following sections:
Pound Bounces on BoE
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