The Bank of England has unveiled the details surrounding the recently announced bond-buying programme.

Key takeaways

"Will buy bonds with maturity over 20 years."

"Will buy up to 5 billion sterling of bonds per auction initially."

"Parameters will be kept under review."

"First auction will be on Wednesday between 1400-1430 GMT."

"Subsequent auctions will be each weekday from 1315 GMT to 1345 GMT until October 14."

"Will buy gilts through competitive reverse auction."

"Will set reserve prices for gilts."

Market reaction

GBP/USD recovered from session lows with the initial reaction and was last seen losing 0.85% on the day at 1.0645.