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Euro, sterling gains on dollar, yen

This article was originally published in Dairy Markets

Currency movements this morning were dominated by interest rate decisions due today from the European Central Bank and the Bank of England, boosting the euro and sterling versus the dollar and yen. Sterling remained near yesterday's 26-year high against the dollar of £1 = $2.0207 before a widely expected BoE quarter-point rate rise to 5.75%, which would be the highest UK rate in six years. The pound slipped back slightly versus the euro from yesterday's ECB rate of 1 = £0.67535 and was trading this morning in the range 1 = £0.6757-0.6767. If the Monetary Policy Committee's decision goes against expectations sterling could potentially be exposed to falls.

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