BoE holds interest rates at 0.5%
The Bank of England’s Monetary Policy Committee at its meeting on 3 June voted to maintain Bank Rate at 0.5%, as it was largely expected. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.The minutes of the meeting will be published at 9.30 a.m. on Wednesday 17 June.
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.
Decision did not have any major impact on the markets with Sterling is currently being traded few points above 1.5410 level. Pair is likely to find support around 1.5350 area and resistance near 1.5450 handle. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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