BoE left interest rates unchanged
Bank of England kept interest rates steady at a record-low 0.5% on Monday, in line with expectations, judging that the outlook for prices and wages is still too weak for it to raise the cost of borrowing despite solid growth prospects. The Bank issued no statement but Governor Mark Carney will explain more on Wednesday, when he presents a quarterly update to the central bank's forecasts for growth and inflation.
Most economists do not expect the Bank to raise interest rates -- which have been unchanged for more than six years -- until early 2016, and none expected the Bank to raise rates this month. The Bank delayed its interest rate decision from last week to avoid clashing with a national election which unexpectedly saw Prime Minister David Cameron's Conservative Party return to power with an outright majority.
Sterling is currently being traded slightly below 1.5450 area. Pair is likely to find support around 1.54 handle and resistance above 1.550 level. There will be no major data releases in the rest of the session.
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