There was little movement in the markets following the interest rate announcements from the Bank of England and the European Central Bank, with the former opting for a 25 base point cut and the latter leaving rates on hold at four per cent.

Sterling (GBP)

Thursday's interest rate cut to five per cent made by the Bank of England's Monetary Policy Committee did little to change market sentiment towards the pound and it remains weak against most currencies, and still flounders around record lows against the euro.

US Dollar (USD)

The dollar fell over the course of trading after disappointing quarterly results and profit warnings posted by General Electrics, broadly considered to be a barometer of the real US economy, and this release did little to stave off rumours that the United States is headed for, if not already in, recession.

Euro (EUR)

The European Central Bank's policymakers opted to leave the euro-zone interest rate at 4 per cent for the 10th consecutive month, a widely anticipated decision and one that did little to change the course of the euro. As the ECB refuses to address exchange rate concerns, the single currency continues strengthen against most majors, specifically sterling where a series of record levels against the pound were breached.

Japanese Yen (JPY)

Of all the currencies the Japanese yen benefitted in the main from falling equity markets as risk aversion took over. This made investors less willing to put on risky new carry trades and led to an unwinding of existing ones.