As expected, the Bank of England kept its key rate at 0.10 percent and quantitative easing at GBP 875 billion.

Following the decision, the pound dropped against its major counterparts.

The pound was trading at 154.65 against the yen, 1.2411 against the franc, 1.3582 against the greenback and 0.8504 against the euro around 8:05 am ET.

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