Currency exchange 'not affected by Bank rate'

A currency analyst has suggested that the Bank of England's decision to maintain the interest rate has not affected currency exchange levels for the pound.

Tom Levinson from ING, told Reuters: "Sterling tends to do well when equities are rising and there's a bit of a softer tone in the dollar today. It's not been affected by the Bank of England."

The Bank announced its decision to maintain the interest rate at 0.5 per cent yesterday (June 10th).

This makes it the 15th month that levels have been held at the historically low level.

A quantitative easing program of �200 billion was also maintained.

Sterling has held an upward trajectory against the US dollar over the past few days.

This morning at 08:15 BST the currency bought $1.473.

Changes to the interest rate could come after chancellor George Osborne announces the government's spending plan in the emergency Budget on June 22nd.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Chris Barber