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BoE Keeps Interest Rate and Asset Purchase Target Unchanged

BoE Keeps Interest Rate and Asset Purchase Target Unchanged

Benjamin Spier, Technical Strategist

THE TAKEAWAY: BoE keeps the interest rate and asset purchase target unchanged, as expected -> BoE says they will keep the stimulus program under review -> Sterling is slightly higher

The Bank of England did not add to its monetary stimulus nor cut interest rates in its September meeting. The interest rate remains at 0.50% and the asset purchase target remains at 375B as was expected. The BoE said that they will keep the current stimulus program under review.

Although the UK 2Q gross domestic product was negative for the third straight quarter, the BoE has previously said that they are waiting to see the results of the Funding for Lending Scheme that was recently instated before adding to stimulus. Earlier today, UK Prime Minister Cameron said he will loosen requirements on homebuilders in hopes of boosting growth.

The conformation of expectations for the BoE to not add to stimulus sent the British Pound slightly higher. For the past 24 hours, GBPUSD has stayed very close to the key 1.5900 level, which currently could provide support. Resistance could be provided by the month-long upward trading channel at 1.5933.

GBPUSD 15-minute: September 6, 2012

BoE_Keeps_Interest_Rate_and_Asset_Purchase_Target_Unchanged_body_gbpusd.png, BoE Keeps Interest Rate and Asset Purchase Target Unchanged

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