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Pound Extends Gain Against Dollar as BOE Splits on Stimulus Need

Pound Extends Gain Against Dollar as BOE Splits on Stimulus Need
Sterling rose 0.2 percent to $1.6149 at 9:32 a.m. London time. Photographer: Chris Ratcliffe/Bloomberg

Oct. 17 (Bloomberg) -- The pound extended an advance against the dollar and pared its drop against the euro after the Bank of England said policy makers were split on the need for more stimulus at their Oct. 3-4 meeting.

Sterling rose 0.2 percent to $1.6149 at 9:32 a.m. London time. It was 0.2 percent weaker at 81.19 pence per euro after depreciating as much as 0.4 percent.

Policy makers voted 9-0 to keep the central bank’s bond-purchase target at 375 billion pounds ($605 billion), according to the minutes.

“Some members felt that there was considerable scope for asset purchases to provide further stimulus,” the central bank said. “Other members, while acknowledging that asset purchases had the scope to lower long-term yields further, questioned the magnitude of the impact that lower long-term yields on corporate debt and equity would have on the broader economy.”

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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