Sterling weakens against US dollar on BOE announcement

The British Pound reached six-week record low against Greenback after Bank of England in its meeting minutes reported greater stimulus might be needed. Monetary Policy Committee also decided to stick to key borrowing rate at 0.5% and leave the amount of quantitative easing worth $428 bn unchanged. The pound lost 0.4% reaching $1.5569 in London trade. Hydeskov, chief analyst at Danske Bank in London expects Pound to reach $1.53 at the end of 2011. The pair currently is trading at $ 1.5562.