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BoE Leaves Rates Unchanged as Strong UK Growth Continues

BoE Leaves Rates Unchanged as Strong UK Growth Continues

Gregory Marks,

Talking Points:

- BoE leaves rates unchanged at 0.50% and the asset purchase target at 375B as expected

-Market participants are left without a policy statement once more

-Pound retraces gains ahead of ECB, NFPs

The Bank of England left its key benchmark interest rate at 0.50% while leaving the Asset Purchase Target at 375B once more in January. Governor Carney of the BoE has left market participants in the dark by not releasing a policy statement in some time. As the U.K. economy continues to show strong growth and as inflation and unemployment near levels close to those desired in Gov. Carney’s forward guidance for any interest rate hike, the BoE may be wary of optimistic rhetoric that would contribute to the Pound’s rise.

GBP/USD (5-Minute Chart)

BoE_Leaves_Rates_Unchanged_as_Strong_UK_Growth_Continues_body_Picture_2.png, BoE Leaves Rates Unchanged as Strong UK Growth Continues

Source: FXCM Marketscope

Moves in the Cable to the upside were short lived as traders await upcoming event risk with tomorrow’s NFPs. Take note of the European Central Bank Rate Decision and Draghi presser following at 13:30GMT.

BoE_Leaves_Rates_Unchanged_as_Strong_UK_Growth_Continues_body_Picture_1.png, BoE Leaves Rates Unchanged as Strong UK Growth Continues

Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

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