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BoE left interest rates unchanged

Thursday, Apr 14 2016
The Bank of England has decided to hold rates at 0.5 percent once again, a record low for seven years. All nine members of the BoE's Monetary Policy Committee (MPC) voted to hold on to low rates amid concerns over global growth and uncertainty ahead of a Brexit vote. The bank has been in no hurry to raise rates, and, with uncertainty over the referendum on the U.K.'s membership of the European Union in June, many anticipate it will wait and watch for any impact from the decision on the UK economy. 
The BoE Governor Mark Carney had warned in March that uncertainty over the EU referendum could hit the UK economy. It also added that the referendum may delay some spending decisions and depress growth. A Reuters poll of economists found that the BoE is expected to leave interest rates at a record low until 2017 amid fears of slowing global growth and inflation nowhere near target. The poll states that any hikes will be gradual and the initial 25 basis point increase may be followed by further moves in the second and fourth quarters of next year.
 
Sterling is currently being traded few points above 1.4140 level. Pair is likely to find support around 1.4080 handle and resistance above 1.42 level. Later today, in the US session, Unemployment Claims and CPI figures are scheduled for a release.
More in this category: « Euro area annual inflation at 0.0% US CPI rose less than expected »

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