danierusan111
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Pound Poised for Weekly Drop Against Euro - 2008/11/07 19:15
Hello, traders! I'm going to the countryside this weekend to enjoy the Fall colours, but for now I want to track the performance of the last trading day and see if there is a "Friday pattern" that allows us to guess better the general movement of FX, taking into consideration the latest events as well 
The pound was little changed against the euro after a bigger-than-forecast interest-rate cut by the Bank of England highlighted the depth of concern about the flagging British economy.
The U.K. currency headed for a weekly decline as policy makers led by Governor Mervyn King yesterday lowered the benchmark rate to 3 percent, the lowest level since 1955. The 1.5 percentage-point reduction was the most in 16 years. Traders increased bets that more cuts will follow in coming months, interest-rate futures show.
The pound traded at 81.34 pence per euro by 9:58 a.m. in London, from 81.38 pence yesterday, and was down 2.6 percent in the week. It climbed to $1.5788, from $1.5627, trimming a weekly decline to 1.7 percent.
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