The pound drops

Market news

21 March 2012

The pound drops

Drops from $1.5897 to $1.5856 as split on QE comes in at 7-2, Posen and Miles both voting for QE to be increased to stg350bln from current stg325bln. Forecasts had been for a 9-0 vote for both with a possibility that Posen had gone for the QE move. Rate currently trades around $1.5860. Traders earlier had suggested buying into the $1.5857 level (200-dma).

Asia Pacific stocks close:

Asian session: The euro advanced against the dollar and reached a four-month high versus the yen

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