Forex News: Sterling Freezing its Losses

Tuesday, August 11, 2009

The British Pound Sterling extended its losses that from last week, after the Bank of England expanded its quantitative easing program, a move that surprised the markets.

It was widely expected based on relatively good numbers that were posted by the UK economy in recent weeks that the BOE would either not touch or reduce its policy.

Although Forex analysts site the triggering of across the board stop-loss sale orders as a major reason for the sharp decline in the Pound on Monday, which would equate the days trading with technical and not fundamental rules.

At 11:50PM GMT, the Sterling was down to 1.6479, a .4% decrease against the US Dollar, down .4% to the Euro to .8577, down .15% to the Swiss Franc to 1.7887 and down .6% to the Japanese Yen to 160.00.


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