The pound fell for the first time in seven days against the dollar and dropped versus the euro after the Bank of England said it will spend an additional 50 billion pounds ($75 billion) of newly printed money to spur growth.

Gilts pared losses that earlier pushed the 10-year bond yield to the highest level in almost three months. The Bank of England said it will increase its asset purchase program to 125 billion pounds while keeping the target lending rate at a record low of 0.5 percent.

“The Bank of England’s move today was a surprise for sterling,” said Simon Derrick, chief currency strategist at Bank of New York Mellon Corp. in London.  Read more about the British Pound…