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BOE Votes 7-1 to Keep Interest Rates at 0.50 Percent

BOE Votes 7-1 to Keep Interest Rates at 0.50 Percent

2010-07-21 12:13:00
Michael Wright, Currency Analyst
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fxheadlines07.21

Fundamental Headlines


• Housing Market Stumbles – Wall Street Journal
• Bonds Sale? Don’t Quote Us, Say Credit Firms – Wall Street Journal
• SNB Takes SFr 14 Billion Foreign Exchange Hit - Financial Times
• European Regulators Said to Describe Three Scenarios in Bank Stress Tests - Bloomberg
• Portugal’s Borrowing Costs Increase at Auction of July 2011 Treasury Bills - Bloomberg


GBPUSD: The Bank of England voted 7-1 to keep rates unchanged at 0.50 percent, while all members elected to maintain the stock of asset purchases at 200 billion pounds. This is the second straight month that one member, Andrew Sentence, voted for a rate hike of twenty five basis points. Sentence argued that inflation “had shifted sufficiently to justify beginning to raise interest rates gradually.” Meanwhile, policy makers stated that while it was “too early” to fully assess the implications of the budget for inflation, the planned value-added tax increases would probably add to consumer price growth in 2011. In turn, we may see inflation remain above the central bank’s target of 3 percent for some time. Going forward, the Bank of England may maintain its wait and see approach as the global economy continues to face major headwinds in its recovery. To discuss this and other topics, please visit the GBP/USD forum.


Related Articles: Markets Await ECB Stress Tests Results


Written by Michael Wright, Currency Analyst
To Receive Future Articles by Email, please contact me at instructor@dailyfx.com
Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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