BoE left its interest rates unchanged
As it was largely expected the Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion, and so to reinvest the £4.35 billion of cash flows associated with the redemption of the January 2015 gilt held in the Asset Purchase Facility.
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.
Data had no impact on Sterling which is currently being traded slightly above 1.5060 level. Pair is likely to find support around 1.50 area and resistance above 1.51 level. Later today, in the US session Unemployment Claims figures are scheduled for a release.
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