Forex Journal

The pound declined, dropping to a 10-week low against the euro, after minutes of this month’s Bank of England meeting showed two policy makers voted for a larger increase in asset purchases than the amount finally agreed. Sterling fell versus all but one of its 16 major peers and gilts gained as the minutes revealed Adam Posen and David Miles wanted a 75 billion-pound ($117.8 billion) boost in quantitative easing, instead of the 50 billion pounds supported by the other seven policy makers. Gilts also rose before a report this week forecast to confirm the U.K. economy contracted in the fourth quarter, boosting demand for safer assets. Full story