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Sterling down after BoE left interest rates unchanged

Thursday, Nov 05 2015
Minutes from the Bank of England's most recent policy meeting released Thursday showed that the Monetary Policy Committee voted 8-1 to keep rates on hold. The minutes show eight members were in favor of leaving the key interest rate at a record low of 0.5%, in line with expectations and unchanged from the previous meeting.
 
Dissenting member Ian McCafferty voted for a 0.25% hike in the benchmark rate to 0.75% for the third consecutive month. All nine members were in favor of making no changes to the central bank's £375 billion asset-purchase program.
 
According to the minutes, the majority of policymakers said underlying price pressures “were not strong enough to justify” tightening. The BOE also said the strong pound will continue to push down on inflation and this effect will only slowly diminish.
 
Sterling is currently being traded around 1.5280 area. Pair is likely to find support around 1.5250 handle and resistance above 1.5330 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release. 
More in this category: « German Factory Orders down by 1.7% Unemployment Claims increased to 276,000 »

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