The pound weakened for a second day against the euro before the Bank of England releases the minutes of its most recent meeting, which will reveal how policy makers voted this month. Sterling dropped to a four-month low against the 17-nation currency after Moody’s Investors Service yesterday maintained Spain’s sovereign credit rating at investment grade. The Monetary Policy Committee kept its bond-purchase target at 375 billion pounds ($605 billion) at its Oct. 3-4 meeting, and held the benchmark interest rate at a record low of 0.5 percent. The minutes will be published at 9:30 a.m. London time. The pound depreciated 0.3 percent to 81.25 pence per euro as of 7:46 a.m. London time, after reaching 81.38 pence, the weakest level since June 15. Sterling gained 0.1 percent to $1.6134, after touching $1.6138, the highest since Oct. 8. The central bank’s current round of bond purchases finishes next month and policy makers will decide at their Nov. 7-8 meeting whether to increase the target. The pound has weakened 0.7 percent in the past three months, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies. The euro gained 3.1 percent and the dollar dropped 4 percent. Gilts returned 2.4 percent this year through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bonds gained 2.8 percent and U.S. Treasuries earned 1.9 percent. To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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