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Sterling sharply down after BoE Meeting Minutes

Wednesday, Jan 21 2015
BoE Meeting Minutes showed that members were unanimous in deciding to leave interest rates unchanged, opposite of predictions on two votes for the rate hike. The Monetary Policy Committee forecasted that U.K. inflation may drop to zero in the first quarter and there’s a “roughly equal chance” that it could drop below that level. The MPC said policy “could and would be adjusted” if needed to meet the 2% price target. 
 
“The fall in near-term inflation might become more persistent if it lowered inflation expectations, pay and other cost growth in a way that became self-perpetuating,” minutes of the Jan. 7-8 meeting published today showed. There was a risk of “inflation persisting below the target for longer than previously expected.”
 
Sterling is currently being traded around 1.51 area. Pair is likely to find support around 1.5030 area and resistance above 1.5150 level. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release.
More in this category: « UK unemployment fell by 29,700 Building Permits at an annual rate of 1,032,000 »

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