StockMarketWire.com - The pound recovered some ground against the euro on Wednesday morning after the Bank of England's Monetary Policy Committee (MPC) voted unanimously to leave UK interest rates unchanged on budget day.
Sterling, which had been trading as low as £0.8576 against the single currency prior to the announcement, rose to £0.8530 in its immediate aftermath at 09.30GMT. Cable meanwhile also rose strongly, rising from $1.5028 to trade as high as $1.5149 or 0.26% higher over 24 hours.
The Bank's nine-member MPC voted to leave interest rates unchanged at 0.5% but they were split 6-3 on the issue of expanding quantitative easing (QE) with three members – including governor Mervyn King – voting in favour of more QE.
In other data, the UK Office for National Statistics reported that the Average Earnings Index in the three months to January rose by a less-than-expected 1.2% compared to the previous month's 1.3% increase which itself had been revised from 1.4%. Economists had predicted a rise of 1.5%.
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