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FX round-up: Sterling down on minutes

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Date: Thursday 21 Feb 2008

LONDON (ShareCast) - Sterling fell again after the Bank of England minutes revealed that
David Blanchflower called for a 50 basis point cut on expectations that all nine members would vote for rates to be lowered to 5.25%

Policymakers voted 8-1 in favour of dropping interest rates by a quarter point at their meeting earlier this month.

The sterling was also knocked back by US consumer prices data, which showed a 0.4% increase in the cost of living in January, the same as in December but higher than anticipated.

The US dollar gained on the data and also benefited from the Federal Reserve January meeting minutes, which hinted rates may be cut in the short term but could be raised in the future to combat inflation.

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