The Bank of England retained its benchmark bank rate at 0.10 percent and expanded the asset purchase program to GBP 745 billion from GBP 645 billion. The pound recovered from its early lows against its major rivals after the decision.

The pound was trading at 0.8975 against the euro, 1.1899 against the franc, 1.2538 against the greenback and 134.22 against the yen around 7:03 am ET.

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