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BOE Maintains Rate, GBP Holds at Key Levels Ahead of US Open

BOE Maintains Rate, GBP Holds at Key Levels Ahead of US Open

Gregory Marks,

Talking Points:

  • BoE maintains key benchmark interest rate at 0.50%, asset purchase target at 375B.
  • No policy statement.
  • Minutes will be released at 08:30 GMT on October 23rd.

The Bank of England kept its key benchmark interest rate and asset purchase target unchanged this morning as US markets came online. Market participants were looking for comments from the central bank in regards to data since the last announcement, but Carney will keep the market at arm’s length until the October 23rd release of minutes.

Although readings have been positive out of the United Kingdom over the past few months, data since the last BoE meeting has been disappointing at best. If this trend continues and the U.S. budget statement continues to breed uncertainty in markets, the Bank of England may feel the need to communicate their views on recent developments.

GBP/USD 15-Minute Chart

BOE_Maintains_Rate_GBP_Holds_at_Key_Levels_Ahead_of_US_Open_body_Picture_1.png, BOE Maintains Rate, GBP Holds at Key Levels Ahead of US Open

Source: FXCM Marketscope

The GBP/USD pair remains at some key levels after coming off the largest sustained uptrend of 2013. Without a policy statement to stir markets, GBP crosses remained muted following the interest rate announcement. Market participants will be actively watching GBP pairs in the weeks ahead to see whether the bullish trend will continue to push higher 2013 highs or give up strength due to risk over the U.S. debt ceiling stalemate.

Written by Gregory Marks, DailyFX Research Team

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