wrapper

BoE closer to rate hike

Wednesday, Jul 22 2015
Bank of England policymakers voted unanimously to keep interest rates on hold earlier this month but there were signs that more of them were edging closer to pushing for a first hike since before the financial crisis.Minutes of the Monetary Policy Committee's meeting, which ended on July 8, showed its members voted 9-0 to leave rates at their record low of 0.5 percent.
 
"For all MPC members, the policy decision this month was clear cut," according to the minutes which were published on Wednesday.However, for "a number" of policymakers, the risk of inflation rising above the Bank's 2 percent target was rising and it was the "very material factor" of Greece's debt stand-off that influenced their vote to keep rates on hold.
 
"Absent that uncertainty, the decision between holding Bank rate at its current level versus a small increase was becoming more finely balanced," the minutes said. The July minutes showed that for most members, keeping rates on hold would still have been appropriate even without the problems in Greece and the volatility in China's financial markets.
 
After the minutes Sterling was pushed higher and is currently being traded around 1.5620 area. Pair is likely to find support around 1.5550 level and resistance above 1.5660 area. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
 
More in this category: « Australian CPI rose 0.7% in Q2 Euro higher ahead of second Greek reform vote »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.