The Bank of England (BOE) held interest rates steady on Thursday, opting not to adjust borrowing costs in the world’s fifth-largest economy ahead of a snap election. With 35 days to go before Britons head to the ballot box, the BOE’s nine-member Monetary Policy Committee (MPC), led by Mark Carney, voted to hold interest rates at 0.75%.
Seven policymakers, including Carney, voted in favor of leaving interest rates unchanged, but Jonathan Haskel and Michael Saunders surprised financial markets by voting for a quarter-point rate cut. Sterling traded at $1.2808 at around 1:30 p.m. London time, falling over 0.3%.
The central bank suggested these developments would help growth in the U.K., but conceded if that does not happen then it “may need to lower interest rates to support U.K. growth and ensure that we return inflation to our 2% target sustainably.” Saunders and Haskel said their vote for an interest rate cut was driven by reduced job vacancies and downside risks from the global economy and Brexit.
The dollar experienced a sell-off but rallied back up by the end of the week.…
The new week will be packed with economic data and decisions from key central banks.…
Despite economic factors working against the dollar, its oversold condition helped it this week or…
USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…
Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…
Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…
This website uses cookies