Pound Advances to Eight-Month High on BOE Minutes as Gilts Slide
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The pound strengthened to an eight-month high against the dollar and euro as Bank of England minutes showed officials saw no need for additional monetary stimulus as the economy improves.
The U.K. currency advanced for a fourth day versus the greenback as the minutes of the September meeting showed “no member judged that further stimulus was appropriate at present.” In August, some policy makers saw a “compelling” case for a loosening of policy. U.K. government bonds fell, with 10-year yields approaching the highest level since July 2011. The U.S. Federal Reserve ends a two-day meeting today amid speculation it will slow asset purchases.